It’s the Alphabet daily price chart that really gets me.
Hats off to shareholders of the company and, of course, there is nothing wrong with making lots of money from upward moving prices but…this action in the big cap Nasdaq 100 favorite is akin to the types of movement you typically see over in cryptocurrency land.
As I say, nothing wrong with straight up, typically. The problem is that a number of reasonably well-known names, not just the one formerly known as Google, are beginning to resemble Bitcoin
Bitcoin
and Ethereum-style theatrics. “Beats expectations” is delightful and worth celebrating, of course.
The thing is, if you’ve been around for more than 20 years and you’ve been through a few cycles, you know how this ends. The volatility works in similar fashion on the way down and great weeping and moaning then won’t help. Anyway, keep an eye on these names and charts for future drama.
Nasdaq and NYSE Outrageous Price Charts.
Alphabet (formerly known as Google) now has a daily price chart that looks like this:
The buying pressure was so great at the open that the price skipped all of the levels from just above $157.50 to the $175 level. It broke out above the earlier April highs on big volume. This is hot, speculative trading activity, not the measured buying and selling seen in normal markets. It’s been so long that we’ve seen normal that we may have forgotten how it looks.
The Resmed daily price chart is here:
A New York Stock Exchange-listed equity that trades up almost 19% in one session is unusual. The move here is from about $185 to $$218 on very good volume. The 50-day moving average had crossed above the 200-day moving average in late February, a kind of heads-up. Still, it’s an extraordinary move even for a “beat expectations” game.
Here’s the daily price chart for Intel
Intel
:
The stock slid below the late October 2023 low and then spent the rest of the session coming back to just above that level. The 9.20% drop comes on a substantial increase in volume, meaning that the sellers really mean it. Note that the 50/200 day moving average crossover is likely just ahead. Intel peaked way back in late December 2023.
Immunity Bio.
It’s the absolute perfect name for a hot stock of this era: Immunity Bio. So much ground is covered right away. Friday’s session saw the stock climb by an astonishing 43.84%. Maybe not that astonishing given the nature of the company’s business combined with speculative money looking for homes. The tip off might have come back in late November 2023 when the 50-day moving average crossed to above the 200-day moving average.
Snap
Snap
Inc.
The big gap down in February is about half-way filled with the 25.63% gap up on Friday. This internet content and information company’s stock is volatile. That rally from the late September 2023 low to the mid-December 2023 high is awesome to behold. Snap is a roller coaster ride for those investors who are clinging to the long-term hope.
More price chart analysis and commentary at johnnavin.substack.com.
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