Google And Facebook Stocks: Shorts Approaching Oversold Levels
Warren Bevan | Feb 09, 2016 02:25AM ET
"Courage is never to let your actions be influenced by your fears." Arthur Koestler
We kicked the week off with a great gap lower and then chopped around with a downward bias until markets and many stocks moved up strongly into the close.
Our shorts in Facebook Inc (O:FB) and Alphabet Inc (O:GOOGL) are still working well but we are approaching oversold levels so I do expect to lock in gains in those short positions in the next day or two and then look to ride the swing trade higher most likely.
SPDR S&P 500 (N:SPY) is holding the 185 level well and closed near the highs of the day which is positive but a higher close tomorrow would be even more positive and likely be a swing low we can trade.
Have a great night.
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