Those investors hoping for some window dressing on the Nasdaq into month end were slightly disappointed. Seems like managers are being judged on shorter and shorter time frames these days. In all seriousness the damage was hardly noticeable after the run it enjoyed higher 11 of the last 13 days and currently on a 4 week winning streak. The tech heavy benchmark gained .14% for the week while the S&P 500 fell .3% this week. The shooting star we spoke of in our first paragraph in this Thursdays Game Plan on the Nasdaq could still be relevant. Comparing it to a recent shooting star as we are technicians here, the ALK shooting star on 1/23 took a few days before it started to work as it should have. If one looked at the weekly chart the weekly shooting star for ALK, the week ending 1/30, now has the stock down 4 of the last 5 weeks. Some of the high flyer names that went public recently continue to melt lower. GPRO is now off 57% from all time highs. It is now down 11 of the last 13 weeks. BABA is another name not quite so beat up but interesting from a possible long play. The stock is down 29% since its own 52 week/all time high after reversing precisely at the round 120 handle. It is nearing lows made back during the mini October swoon last year and below is a more detailed chart to examine.
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