A big test into next week is whether Facebook, leading the social stocks this week, can hold $64.30 on this check-back to it today.
You can see the daily chart, below, illustrate why that level is so important, posing as the breakout point for the sideways consolidation spanning several weeks. A sharp move below it would force us to consider whether we get a fast move lower from the failed move over $64.30.
For now, though, the jury is out and this is a good test for the leading issues to see if Facebook can find support at prior resistance and turn back up.
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Grats on top page! I am still do or die with near on the money AMZN and GOOG calls. We’ll see, the YELP I had earlier makes it all free.
Nicely done, Bruce.
FB is going to $75
Nothing leads me to believe this market wants to sell off. Market speed has slowed considerably. I think the melt up is on, including FB.