The Twitter Top or How the market tanked to celebrate the $25B Twitter IPO

Happy Birthday TWTR!!

Disclosure: I have no position in TWTR, but I wish I had a million shares short from $48 today, holding for $10.

 

NFLX 50% retracement

The 50% retracement point (took under 3 months) should be good for a reasonable bounce, especially considering the (capitulation) volume NFLX saw late last week. Out of the next low its tough to say where NFLX is heading, volatility will probably remain elevated for some time.

Failed Breakouts Galore

Netflix (NTFX) six month daily:

Russell 2000 (IWM) six month daily:

US Oil ETF (USO) six month daily:

Euro ETF (FXE) six month daily:

I think there's more downside to come and failed breakouts often lead to sharp corrections. A week ago everyone on the planet was wild eyed bullish, investors may be re-thinking fed induced purchases.

Disclosure: I do not have any positions in the above equities but I am short some stocks and am long the US dollar against the Aussie dollar.