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Facebook (FB) forms a 3 weeks tight pattern

8/18/14 4:04 PM EDT
George Tkaczuk talks about the many set-ups he is seeing in growth stocks, in this market uptrend. The equity markets have resumed their trend higher, led by the Nasdaq. The tech index is trading at 14-year highs above the 4,485 level. The S&P has struggled a bit in comparison, although it did have a healthy bounce at the 1,900 level. If the S&P can take out 1,991, that would be a new all-time high for the flagship index. The Russell 2000 is lagging significantly, but is showing support at the 1,100 level, with the Dow having held up at roughly the 16,300 level and continuing higher. The strongest index is currently the Nasdaq 100, comprised of large cap tech companies. Honing in on some of these, Facebook has shown considerable strength, after initially breaking out above the 68.45 entry point, and continuing higher on an earnings gap up. Although FB pulled back following earnings, it has pretty much traded in a tight sideways pattern for three weeks, indicating strong institutional accumulation. If FB takes out $75.60 on strong volume, this would be another potential entry. Other tech names of interest include AAPL, NFLX, and AVGO. Large cap biotech has also done well, including GILD, CELG, BIOG, BIIB, and REGN. PCLN is setting up to break out over 1,300. JAZZ is a smaller cap name that is showing some strong accumulation, along with WUBA. Overall, technology growth stocks have regained their footing and offer a variety of playable setups.
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