Whimper

The inevitable bounce by mid-day was looking very wobbly before firming up by the end of the day (and week). Looking further out tech names, like everything else, were down but it is barely noticeable on most charts. Yes, oil names have been falling for a while but what is more striking is that non-tech names like MRK, BMY and COST had much more pronounced and obvious drops this week than tech names.

It is curious to see AMD and NVDA breaching their lower parallel. Does it mean their uptrend is over? MSFT is still in the previous price box and has not recovered to its new price box. The longer it stays below $191, the more iffy it looks. TSLA was one of the weaker names today, falling earlier and further than most and staying down. Today’s price action brings it back into its old price box below the February highs just under $1,000. It creeped close to but did not breach the interesting $910 level. Maybe next week? AMZN was down after breaching its upper parallel but oddly SHOP, which has been rangebound for a while, did not follow AMZN. Still, a breach of $700 for SHOP would be interesting. Rather than end by commenting on HTZ and its attempt to extract $1B from the deserving, I am glad I am out of FCEL as it has been going up 25%, down 25%, up 25% day after day. It reminds me of getting sea sick whale watching in the Pacific Ocean on a tiny boat bobbing up and down waves three stories tall. Of course price is trying to break out of the $3 price box. FCEL is just not quite succeeding despite trying many times. It closed up 7% but started up 25% after yesterday’s -25% move.