The SPX moves upward -- NDX and FANG charts diverge and they are sure biotech is breaking out
look at the IBB has it broken out? CNBC is saying things that have not happened... they may happen, but
cnbc and even on bloomberg... every voice this afternoon is saying that it's a metaphysical certainty that the IBB, NDX, FANG, SMH are going to sail on to new highs and go higher....... everyone is leaning to one side of the boat it appears.
at the momment ... it can happen....again they are saying that technology has had it's best session of the year... and the IPO market heats up.
Glenn,
Excellent Recap of the Amazon-Whole Foods acquistion and ramifications. --
here are a few of today's charts very interesting situation.
The NASD comp , the NDX, FB, AAPL, FB, GOOL, AMZN, NVDA ,the XLK all have similar charts...
they suggest the possibility of more downward corrective activity and the zeitgeist commentary today is that the NDX was up over 1 % and that all these stocks are back in gear and at their highs.... that's NOT the case...
stay tuned....
ndx.... is showing momentum divergences.....
SMH 1 year chart
AAPL... everyone should listen to former John Sculley former CEO of APPL, and Pepsi...
and current chairman of RxAdvance... saying that we have moved beyond linear time into exponential time where the technologies grow month after month --- year after year..... very interesting. That type of talk
sounds like 1998...... or 1999 ........ it's difficult to assess.
video.cnbc.com
I like NVDA, and GOOGL on a relative basis. compared to the other FANG and semiconductor names...
However, with the consensus that I hear this afternoon that everything is A OK with the NDX and the FANG and SMH and NVDA stocks.... does not square with the charts.
a powerful bull market and even a dip below the 50 dma is not going to end it.... on a dime......
Carter Worth had a chart of the S & P technology index and he says we came to within 1 point of the high of March 27th 2000 on June 9th...
the thing is I can not find that particular index on stockcharts or elsewhere. I am going to write to him for clarification as to what he's speaking of.
JP |
