FB, TSLA, TWTR - momo stocks under pressure

Whilst the main market broke to new highs, the momentum (momo) stocks saw some significant weakness. Facebook (FB),Tesla (TSLA), and Twitter (TWTR) closed with rather severe declines of -6.5%, -10.6% and -6.7% respectively. Near term trend for all three is bearish.


FB, daily

TSLA, daily

TWTR, daily

Summary

Suffice to say...some rather big declines in many of the momo stocks today.

FB looks particularly interesting in that it might have completed a classic back test of the old (now broken) channel. Primary downside target would be the low 30s.
-

*if the broader market continues to remain strong into late spring 2014, no doubt, the momo stocks will be back in favour again..it would seem it is just whether it is matter of a few weeks..or a month or two.