Might this be the week the remaining pieces fall into place for the stocks correction to be put to rest? Not only is the VIX index slowly slipping, but an equal-weighted FANG index is back to setting record highs.
It's the same story for a global version of FANG, with the ticker NYFANG, that includes Chinese favorites Alibaba and Baidu plus a couple of hot U.S. stocks: NVDA, TSLA, TWTR and AAPL -- but not Netflix. MKM Partners technical analyst Jonathan Krinsky notes the record high today and says "the trend remains unequivocally bullish on both an absolute and relative basis."
Krinsky is eyeing a rally above 2763 for the S&P 500 as an all-clear signal. Perhaps investors are looking for a strong-growth/low-inflation presentation from Fed Chair Powell this week to get the index there.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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