I must say I was bemused this A.M. when I received a note from a colleague asking me for my “thoughts” on the current stock price of many in the “FAANG” category, and in particular Facebook™. I used the term “bemused” for the explicit reason that I hadn’t heard from this person in quite some time. Of course that “time” was when this cadre of stocks appeared to have been unstoppable. However, with the recent “re-entry” phase being implemented with no retro rockets” being fired in earnest, my bemusement morphed into more along the lines of amusement when I began looking at a chart and noticed the current price action.
Here’s what I told them in my usual “for what it’s worth” response. I figured I’d share it for anyone else who might find any value in it, for what you do with it is totally up to you. And as always: Nobody knows the future. And those that say they do? Don’t just walk, but run, and run quickly.
Here’s what I said in a nut shell, and annotated it on the referenced chart. To wit:
The above “F.W.I.W. observation” chart was current as to when I annotated this A.M. It is based on an hourly bar chart.
© 2017 Mark St.Cyr