Zak Mir videocast special – US “new” economy stocks & nasdaq
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After the carnage of January and going into February, it would appear that with a little tapering under our belts and Ms Janet Yellen in charge of the good ship Fed, it may be time for some stability to return to equity markets. What may also be of interest in this respect is whether an area of massive price inflation in recent years; the U.S. new economy can find its feet again? On this basis I am looking at the Nasdaq Composite, Netflix and Amazon.
Nasdaq Composite: Back In The 2013 Price Channel
Rising June price channel centred around 50 day moving average of 4,106
Brief late January / early February bear trap from below 50 day line
Narrow break and recovery of December 3,979 support suggests significant upside, possibly as high as 4,350 price channel top by end of March
Netflix (NASDAQ:NFLX): Resumption Of Uptrend
Rising January 2013 price channel with implied 1-2 month target towards $500
Island bottom bear trap rebound from below present $380 price channel floor
Buying opportunity towards 10 day moving average at $410
Amazon (NASDAQ:AMZN): January Gap Down Aftermath
Unfilled gap to the downside last month creates extended island top formation
Initial support at 2013 price channel floor of $350
Tentative buying opportunity towards $350 for dead cat bounce towards gap top at $380 plus
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