The entire fate of our tech rally lies in the hands of Facebook. Do you think I am fucking with you?
I have seen this chart pattern do horrible things in my short tenure as a trader. It’s still early, but we have the makings of a failed auction in the FB market.
A failed auction takes place when price exceeds a prior swing, briefly, then has a fast reversal in the opposite direction. To be a true failed auction you need to see fast confirmation away from the area.
That is what I will be on the lookout for tomorrow.
In the meantime, and in the spirit of calling the market bluff’s bluff, I bought some LNKD calls.
These will only last as long as Facebook stock negates these early failed auction signs. If not, I will cut LNKD and MOAR as I feel this wet blanket action could be a fire retardant to the entire tech sector.
Let’s not even mention the drubbing at Tesla. Ah, I just did, drats!
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