Big Tech Is Back
The NASDAQ 100, S&P 500 and DJIA all closed the week at all time highs. It's a bull market. Plain and simple. And some familiar names look to be waking up from a long winter's nap.
Big tech stocks or QQQ were resting and trading in a range for six weeks as chatter about the "rotation trade" continued to make headlines. But that all changed last Monday with an upside breakout that has so far managed to follow through.
Check out the bullish price action/breakouts to all time highs in tech giants GOOGL, MSFT and FB...
Some other tech heavyweights that could be following suit that I'll be watching closely this week: AMZN, NFLX, and NVDA
With so many of the hot stocks from a couple of months ago still 15% to 30% off of their highs, maybe this is a "flight to safety" trade?
Here's the two month performance of ETFs that hold some of the top momentum stocks from a few months ago in EV, ESG, solar, cannabis, lithium/battery tech etc.
Is this breakout in big tech the beginning of another rotation out of speculative small/mid-caps, energy, materials and financials and back into tech mega-caps? For now this seems to be the case but only time will tell if this is the start of a new trend.
Bitcoin - Price Compression Eventually Leads to Price Expansion 📈📉
The bulls and bears continue to battle with the price of Bitcoin hovering just below 60K. So far every rally attempt gets met with selling.
This price compression will eventually lead to price expansion but in what direction? This consolidation is happening within a massive up-trend so it would make sense to put the odds in favor of the bulls. However, when it comes to crypto you can expect big moves in either direction.
It Only Took Seven Years - TWTR
Twitter stock hasn't seen current price levels in more than seven years.
Eight weeks after its IPO in 2013 TWTR topped out just above $74/share. A few weeks ago it traded above $80 and then pulled back to $60. Last week buyers stepped up and it looks like TWTR is on it's way back to blue sky territory above $80 a share.
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