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All of a sudden FANG has its groove on.
Remember FANG … the high-tech quartet of Facebook (FB), Amazon.com (AMZN), Netflix (NFLX) and Alphabet (GOOGL)? They’re even tracked by the NYSE FANG+ Index ($NYFANG). It’s been hitting new highs in June after two months of going nowhere.
NFLX led the charge after breaking out of a bullish triangle on May 24, and pulled the others up in recent weeks. AMZN was the second to hit a new high, followed by FB late last week and GOOGL today.
There haven’t been a lot of strong news catalysts like earnings. (Of the four, only GOOGL reported a weak quarter last time around.) Instead, there seems to be a simple continuation of money flowing into established leaders giving investors exposures to the biggest and most exciting growth areas in the market.
Bottom line: We’re entering the homestretch into the Fourth of July. There aren’t a lot of earnings reports or economic data, and volumes are slowing as the World Cup progresses. We’re looking at a quiet drift higher as tech traders stick with long-term favorites.
NYFANG Index, with crosses showing new highs for the year.
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