17Nov3:24 pmEST

Suddenly Swimming in Plentiful Waters

Heading into the weekend before holiday trading essentially kicks off next week, even with the Dow, S&P, and Nasdaq flashing red here it is tough for bears to claim any type of victory. 

The reason why that is the case is that we still have growth leaders like SQ, well, leading. And resurgent sectors like footwear retail thanks to FL SCVL. 

And while Tesla's response to news today was not overly bullish at all, I hesitate to consider shorting TSLA and would rather wait for a better long setup. 

In addition, a funny thing has happened to Twitter's stock: It stopped going down on apparent bad news--Be it the 280 character limit, controversy over which accounts are "verified," and a whole host of other reasons to be bearish. 

On the TWTR daily chart, below, note today's outperformance compounding the notion that the October earnings rally held valiantly with no gap-fill attempt, below. Moreover, July's earnings selloff has been negated with this strength. 

We have to take things one step at a time with a name like TWTR, given the multi-year downtrend still trying to reversal fully. $21, then $22, hover above. But this is very strong action in the face of "bad news" and supports the bull case going forward, as the Twitter bird is suddenly swimming in plentiful waters when it previously would have been helplessly drifting off at sea. 

A Different View of a Popula... Stock Market Recap 02/12/18 ...

 
BackToTop
 

This website is intended for educational purposes only. | © 2019 MarketChess.com | All Rights Reserved | Website design by Saco Design | Superpowered by Site Avenger

mobile site | full site