Market Overview

Mo-Mo's Are The No-No's In Tuesday's Session

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

In Tuesday's trading session, the mo-mo's are the no-no's as several of the better known momentum issues are trading in the red while the broad market is mostly higher.

A few of them were marginally lower or flat, such as Alibaba Group Holding Ltd (NYSE: BABA) and Facebook Inc (NASDAQ: FB). However, Twitter Inc (NYSE: TWTR) was recently off by 1.29 percent, LinkedIn Corp (NYSE: LNKD) by 2.25 percent, Google Inc (NASDAQ: GOOG) by 1.37 percent and Tesla Motors Inc (NASDAQ: TSLA) by 1.7 percent.

Perhaps the most noteworthy mo-mo in the red is Netflix, Inc. (NASDAQ: NFLX), which was trading lower by $2.14 at $472.54. After a series of upgrades and price target increases over the last few days, Piper Jaffray's price target increase to $487 might have the Street wondering if the issue is fully valued ahead of its earnings report after Wednesday's close.

Interestingly, after peaking at $485 on Monday, it could only reach $484 in Tuesday's session before falling back into the lower $470 handle.

Posted-In: Pre-market outlookTechnicals Intraday Update Movers Trading Ideas

 

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