Aside from some bullish individual earnings reports this week, the overall market has been weak. Tonight’s Bespoke Report newsletter is an important read given where the market stands. Has a new downtrend begun or will we bounce back like we always have recently? To receive the Bespoke Report in your inbox after the close today, sign up for a 5-day free trial to one of our three levels of service. You can read more about which service is right for you at this link.
Most of the companies that have reported blow-out earnings this season have come from the Internet Group. Last week it was Google (GOOGL) that caused the Internet Group to finally break out of its 18-month sideways range. This week it’s Amazon.com (AMZN), which is up $75/share today after reporting earnings yesterday after the close.
Below is a look at the 30 largest Internet stocks run through our Bespoke Trading Range Screen. The list is sorted from largest to smallest in terms of market cap. For each stock below, the dot represents where it’s currently trading within its range, while the tail end represents where it was trading one week ago. The black vertical “N” line represents each ETF’s 50-day moving average, and moves into the red or green zones are considered overbought or oversold.
As you’ll see in the screen, it’s the largest names in the group that are driving performance. Names at the top of the screen are mostly overbought and have posted huge YTD gains. A lot of the smaller-cap names at the bottom of the screen, though, are oversold and down big year-to-date.