Stop Being a Nosy Fellow!

In the first few weeks of 2016 we looked at the water utility, AWK, in a bullish light in this blog post, due to overall chart structure and, of course, the suddenly chic theme of water. 

Since then, the stock has enjoyed a nice rally, defying the market weakness along with other defensive types of names. Now, however, it is widely-known that defensives are "safe," perhaps lending themselves to crowded trades which are risky in the short-term, prone to unwinding--We discussed this yesterday. 

But another issue is whether FB is part of the safe haven group, as one of the few leaders left in a crumbling market. 

On the daily chart, below, note Facebook's reversal today after hitting well above its upper Bollinger Band after a straight-line move higher, post-earnings. I suspect, much like AWK, despite not being a defensive name FB is ripe to un-crowd what is looking like another crowded trade in a market with slim pickens.