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 are marginally lower or flat, such
Alibaba Group Holding LtdBABA
and
Facebook IncFB
. However,
Twitter IncTWTR
was recently off by 1.29 percent,
LinkedIn CorpLNKD
by 2.25 percent,
Google IncGOOG
by 1.37 percent and
Tesla Motors IncTSLA
by 1.7 percent. Perhaps the most noteworthy mo-mo in the red is
Netflix, Inc.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.
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Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPre-market outlook
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