FAANGs: Back in Business?

It was another potential ugly day that turned into a barn burner as VIX followed through on its bearish 10/20 cross and broke below a trend line dating back to November.The day was also about expectations. AMZN, for instance, which had broken down after establishing a pennant pattern dating back to Sep 2 and hasn’t been able to top its SMA10, surged a whopping 4.57%. The departure of Jeff Bezos’ nemesis, perhaps?  In any case, it wasn’t the only major component of the S&P 500 to spike higher.

AAPL +3.29%
MSFT +3.65%
AMZN +4.57%
FB: +2.44%
GOOG +5.36%
NVDA +2.61%
NFLX +16.85%

With the FAANGs back in business, can we stop worrying about the downside?

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