RIP FANG:
With a headline like that perhaps the names in the acronym are due for at least a bounce. FB, or Meta, whatever the joke of a company’s name is, it REPORTS tonight after the CLOSE, and for those who think its PRICE drop may cushion another blow may be in for a rude awakening. GOOGL which fell more than 600 handles from its last earnings reaction that was rejected at the very round 3000 number fell another 3.5% Wednesday. NFLX and ill, is now 73% off most recent 52-week highs without the courtesy of a 4:1 split has behaved sickly. I think some wanted to substitute NVDA for NFLX and it would not have mattered much. I can not recall if the A was for AMZN or AAPL, but the former looks to test the 2700 number for the third time and the saying on the street from technicians is there is no such thing as a triple bottom. Below is the WEEKLY chart of GOOGL, and not surprisingly the very round numbers have played a role. It is looking at a rare 5 week losing streak and the last 4 have all CLOSED at lows for the WEEKLY range.