FB, TWTR - momo stocks broken again

Whilst the main market broke marginal new highs, before retracing lower, there was some real carnage amongst the momo stocks. Facebook (FB) and Twitter (TWTR), closed a very significant -5.3% and -3.8% respectively. Near term outlook looks weak.


FB, daily

TWTR, daily

Summary

*yes, I'm highlighting the TWTR yet again, but then, it sure is an entertaining one to watch.
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FB closed the day on what is pretty important rising support. A weekly close <$59 would be pretty bearish, and portend for a test of the 200 day MA...approaching the big $50 threshold.

TWTR remains especially weak, below the old $50 floor, and seemingly headed for $40/38 in the near term.

Indeed, it remains pretty interesting to see many of the momo stocks get trashed, despite the broader market making new historic highs.

An early warning of trouble for the broader market this late spring/early summer?

TWTR - the hysteria continues to slide

Whilst the main market broke new historic highs, the hysteria surrounded stock that is Twitter (TWTR) continued to weaken, settling -2.7% @ $45.70. The failure to hold the big $50 threshold remains a key bearish sign, with likely further downside to the $40/38 zone.


TWTR, daily

Summary

The hysteria of the Tweet company is indeed still on the slide. Considering we saw a late Dec' high of $74.73, the current price in the $45s is a decline of 40% across just over 3 months.

The only issue now is when TWTR will test the key low of $38.80 - Nov'25, 2013. A break under that would open up the IPO price of $26.

Frankly, considering the sickening media love affair with such 'new media' stocks, I find the whole situation very amusing.

Now... go tweet that!

GDX - precious metal miners remain weak

Whilst the broader equity market continued to claw higher, there remains notable weakness in the Gold/Silver miners. The ETF of GDX closed +0.15% @ $23.64. Near term outlook remains bearish, not least with declining Gold/Silver commodity prices.


GDX, daily

GDX, monthly

Summary

The March candle for GDX was an especially bearish monthly reversal.

First downside target are the low $22s, but a break under the December 2013 low of $20.18 looks very viable this spring/summer.

Certainly, with Gold/Silver prices on the slide, the mining stocks are going to suffer - regardless of how well the broader market might be doing.