GUMBY9662C

$FDN trying to Carve out next leg Lower

Short
AMEX:FDN   First Trust DJ Internet Index Fund
The markets rocketed up threw the area above on the way up with little time and value being built via accumulated volume. The issue we have here, we just rejected the entire higher distribution zone and are now deciding whether markets won't value back higher or to come down back into area where buyers and sellers were more comfortable meeting. 119 area would be logical bounce point if the FANG is putting in a much larger Head and Shoulders topping pattern. NFLX reports tomorrow and I for one expect to sell the news.

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