This week has been brutal on the market. Last week we had FOMC meeting with the raising of rates and the indexes went wild. Then Sunday we had NAFTA signed and up we surged. Last week Facebook had the security Breach and the SEC filed against Musk.
All of this has brought volatilitu back in the market. We have seen the FAANG Stocks (Facebook, Apple, Amazon, Netflix and Google) pull back from breakouts. Should we be worried?
It is completely natural for the market to have a correction. When this happens it is a great time to paper trade shorting if you havent done it yet. There are still stocks that run like GTXI today, but it can be harder to go long when the market trend is down.
If you are newer to trading and only experiencing the bull trends here is a great free bear book to help you transition into a consolidation or downward market.
Above is the Facebook’s chart where you can see on the daily the stock is running down below the averages. Well below the 50 simple moving average and broke a support line today of 158.13 and set a new low of 156.22 since the Cambridge Analytica news. What is instock for FB before earnings on the 30th? There are rumors that ad revenue is down and all the negative press has the stock beaten down. It looks like we might see 150 before 200 again as insiders have been selling and likely big houses now too as well as shorters
In my opinion next week will give us clarity if we have found a bottom if it can close aboce 162.5 on the daily chart. Until then feeling bearish like the market.
If you had my watchlist this week you could have been banking big time had FB short for two days in a row. There is a 20% off Columbus sale with OCEAN promo code. If you opt for the Annual I will offer a complimentary 1 hour training session.
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