Watching FANG, and FANG, Closely

We have another slow trading day of consolidation on the major averages playing out, with a bit of a lull perhaps before a jobs number on Friday morning and another big FOMC next week. 

As long as the indices remain shallow in their consolidations, it is instructive to keep a close eye on the "FANG" leaders in the Nasdaq, an acronym for FB AMZN NFLX GOOGL. Thus far, al four, plus PCLN, continue to act impressively near recent highs. 

Beyond FANG, there is the energy play with the actual ticker of FANG, Diamondback Energy. The reason we want to keep tabs on this play is if the energy sector at-large can get its act together to catch a rotation higher. If so, then FANG has been acting a bit better than most of its energy peers, as the chart has merely been basing along in the context of a prior uptrend. 

More in my usual Midday Video for Members.