NFLX Leap Fails to Stir Other FAANGs
|With the exception of AAPL, which has been getting lousy press lately, the FAANG stocks were positioned to hit ‘Hidden Pivot’ rally targets last week; only NFLX succeeded. This will have mildly bearish implications as the week begins, since the short squeeze that energized NFLX was very much a Friday kinda thing. Factor in rising oil prices and a strong dollar, and DaBoyz will have their work cut out for them if they want to take the broad averages higher. This is notwithstanding the fact that there are only a relative handful of stocks that need to be goosed to sustain the illusion of a bull market. Concerning Apple, the unthinkable seems to have occurred. There were actual concerns that using high-end screens for their latest iPhone would price it beyond the reach of too many customers. This is definitely a man-bites-dog story, since at no time in the past has Apple’s cult of buyers balked at paying a steep price for relatively small gains in technology. AAPL’s daily chart appears to be rolling down (see inset), but we won’t count out bulls quite yet, since the shares are a must-own for the investment world’s leviathans. They don’t change their game plan often, and so any weakness in AAPL should be viewed with skepticism.
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