This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV

Brokerage Partners

Top Rated Stocks Top Rated Funds Top Rated ETFs