FB,daily
NFLX, daily
TWTR, daily
Summary
*as ever, I do NOT trade the momo stocks. I have no tolerance for any of the hysteria that surrounds them, never mind the insanely high PEs. However, they sure are entertaining to watch.
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FB must hold the rising 200 day MA in the 51/52s, otherwise the giant gap zone will be a valid target this summer.
NFLX looks very weak, and is so far unable to claw back above the 200 dma.
TWTR is in danger of breaking the post IPO low of $38.80 from last November. If that is taken out, the door is wide open to the IPO issue price of $26.
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Momo stocks and the broader market
In recent weeks the momo stocks have been periodically whacked lower, often on the order of 3, 5, or even 7%. Yet, the broader market has so far managed to largely cope with this 'sell the growth, buy value' rotation.
Barring a break under the recent low of sp'1814, I still see this as just another selective washout, before renewed broader market upside.
