First of all this is not trading advice, saying that seems to be needed as a standard disclaimer.
Now to the meat of the post.
Was today a dead cat bounce on facebook, or a signal of a short term downward trend reversal?
All my long term charts are pointing up, but we obviously have had a short term reversal due to the Powell Put (this actually sent the market higher), the President Trump Dump (escalating the trade war, which first sent the market into this decline, and a major gap that has not been made up for yet), and the She Shit, devaluation of the Yuan.
Funny thing is, FB, like google (although not sure if androids, and their OS are sold there, but facebook for sure is not allowed, neither, is google) , both took a massive hit on this news, despite not being affected by these tariffs (if the weren't already doing buisness in China, why would this trade war effect them? Except for the fact that the entire market (e.g. SNP 500) all move together. AAPL takes a hit, so does the rest of the FANG, even though one might not have anything to do with the other. Just like FB, and Chinese tariffs. FB isn't impacted by Chinese tariffs, or trade war at all. They are banned in China, and do no business there, nor does this trade war, or tariffs affect them in any way.
I don't think this is a dead cat bounce on the market as a whole, and especially not on facebook. It was at like what 208 a week and a half ago?
It dropped after earnings, but was flipping the 12 min chart back up right before the Trump Dump, and the She Shit.
Right not, it's most recent low, came down to a perfect .618 fib retrace on the daily, from it's June low, and July high.
Unless Trump takes another Dump on the market, and She takes another shit on the market, not only a .618 retrace to the upside is possible, but also a lot higher.
Now to the meat of the post.
Was today a dead cat bounce on facebook, or a signal of a short term downward trend reversal?
All my long term charts are pointing up, but we obviously have had a short term reversal due to the Powell Put (this actually sent the market higher), the President Trump Dump (escalating the trade war, which first sent the market into this decline, and a major gap that has not been made up for yet), and the She Shit, devaluation of the Yuan.
Funny thing is, FB, like google (although not sure if androids, and their OS are sold there, but facebook for sure is not allowed, neither, is google) , both took a massive hit on this news, despite not being affected by these tariffs (if the weren't already doing buisness in China, why would this trade war effect them? Except for the fact that the entire market (e.g. SNP 500) all move together. AAPL takes a hit, so does the rest of the FANG, even though one might not have anything to do with the other. Just like FB, and Chinese tariffs. FB isn't impacted by Chinese tariffs, or trade war at all. They are banned in China, and do no business there, nor does this trade war, or tariffs affect them in any way.
I don't think this is a dead cat bounce on the market as a whole, and especially not on facebook. It was at like what 208 a week and a half ago?
It dropped after earnings, but was flipping the 12 min chart back up right before the Trump Dump, and the She Shit.
Right not, it's most recent low, came down to a perfect .618 fib retrace on the daily, from it's June low, and July high.
Unless Trump takes another Dump on the market, and She takes another shit on the market, not only a .618 retrace to the upside is possible, but also a lot higher.
Comment:
Just my 2 Cents. Take it, or leave it for what it's worth.