Don't Ignore This Chart!

Internet Group Poised For Higher Prices

 | 

The long-term pattern is bullish.  Short-term technical conditions are improving.  And the season is right as October is the best calendar month of the year in terms of historical performance for internet stocks.  The Dow Jones U.S. Internet Index ($DJUSNS) looks poised for another explosion to the upside.  We'll soon find out as key earnings will be released on several companies in this space.  Below is a long-term weekly chart on the DJUSNS, with charts of Alphabet (GOOGL) and Akamai (AKAM) also featured.  Both GOOGL and AKAM are well positioned technically on their long-term charts and both perform extremely well historically during the fourth quarter.  Have a look at it visually:

The measurement on the ascending triangle breakout on the DJUSNS is 1075, which still represents another 10%+ move to the upside.  This is a group and a couple stocks within that I expect to perform well into year end, although holding any stock into its earnings report can be very risky.

Happy trading!

Tom

Tom Bowley
About the author: is the Chief Market Strategist at EarningsBeats.com, where he provides stock market education, guidance, and trading strategies using a unique combination of technical, fundamental, and historical analysis. Tom provides EarningsBeats.com members with four portfolios (Model, Aggressive, Income, and Value), all designed to beat the benchmark S&P 500, and a revolving Watch List of hundreds of companies reporting strong quarterly earnings (must beat both revenue and EPS estimates) and exhibiting technical strength as well. These companies comprise EarningsBeats' annotated Strong Earnings ChartList (SECL), from which Tom trades exclusively. Tom writes a Daily Market Report (DMR) for members to include an executive summary, market outlook, sector/industry watch, and trading ideas. Learn More
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus