Round Number Rescue:

Monday afternoon witnessed an ill-received earnings report from SNAP which saw the stock Tuesday sliced by a more than a whopping 40%. This selling spilled over into “ad” peers, rightly or wrongly, although we know PRICE is always right and makes little sense to argue with it. Names like FB dropped 7% in sympathy with the stock filling in a gap from the 4/27 session, from earnings. TWTR, like FB, which is 50% off most recent 52-week highs slipped 5% as it looks to be breaking below a bear flag pattern, but the stock is in the middle of possible litigation of a Musk takeover. PINS gave up a quarter of its value alone Tuesday, and below is the chart of GOOGL. Perhaps this is the name that many feels were “undeservedly” brought down by the SNAP debacle. It is acting “better” than others spoken of in this paragraph now down 31% off most recent 52-week highs. I think this could be a good risk/reward situation on the long side as it trades toward the lower end of the range between the very round 2000-3000 figures. 

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