NOW failed to break neckline on head & shoulders= DEATH CROSS!!!
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Death cross officially printed last week, along with the Nasdaq. This is a SELL signal! Next stop $480. The PE has come all the way down to 491 lol. As multiples continue to compress on these high flyers this stock has a long road to go with many bounces and failed attempts to rally. Without help of the fed's perpetual 14 years of QE and artificially low interest rates these companies will have to learn to live within a budget without benefit endless free cash in this mother of all bubbles stock market casino!
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Forgot to update, I closed all my short positions on Tuesday late in the day expecting a market bounce, which didn't come until late Thursday. Always a day late! Will look to re-enter this short. Head & shoulders trades take months to years to see to fruition. Way overvalued, dead cat bounces come to all stocks, including Enron!
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