Fun Fact #25
Did you know that today, “A massive, ‘semi-infinite’ trove of rare-earth metals has been found in Japan?” Source
QQQ has broken through the key resistance level of 162, but the volume was extremely low. I think people are holding onto their shares and refusing to sell until after earnings season is over.
Out of the FAANG stocks, NFLX and AMZN led the way, with FB dropping a decent amount. The move on FB surprised me since it performed really well yesterday even though the entire market was down. Now we’ve got the exact opposite scenario with FB down when the entire market is up.
MU and SQ moved up quite a bit today. Below are their charts.
Notice how MU broke down below the key breakout level at 50, but quickly recovered. False breakouts lead to powerful counter trend reversals, which tells me that MU will retest the 52 week high sometime in the next few months.
Notice how SQ is still below the breakout location near 50. A break above that 50 level would probably result in SQ retesting the 56-58 range.
Although futures are currently slightly red, I think we close green tomorrow. The reasoning is that I expect good earnings from the banks that are reporting before the bell tomorrow (notably JP Morgan, Wells Fargo, and Citigroup).
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