Buyable Gap Up - FB, GOOG
|Published:||14 May 2020 10:17 ET|
Two leading alt-currency companies doing well are FB and GOOG, both which gapped higher on strong earnings on April 29. Both have since pulled back and are sitting between their respective 10-dma and 20-demas. Limitless liquidity is the biggest tailwind for the U.S. stock market. Leading companies which include the FAANG stocks stand to benefit the most. Of course, one should buy on constructive weakness rather than strength as this market remains highly vulnerable to second and third order effects coming down the pipeline. Powell had sobering thoughts about the economy going forward which caused the markets to sell off, but then reiterated that additional stimulus may be required. Absent of a more material second order shock, markets should continue their choppy uptrends.
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