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  1. Home
  2. / Investing
  3. / Cryptocurrency

FAANG and FENG in Fine Form, and One Has a Nice Setup

The major change I see today is in the speculative trading of the cryptos and blockchain names.
By JAMES "REV SHARK" DEPORRE
Jan 11, 2018 | 11:07 AM EST
Stocks quotes in this article: KODK, CMCM, GSUM, MARK, FENG

After a one-day pause the market train is back on track and chugging along. It feels like there isn't a worry in the world again and that is reflected in breadth, which is running very strong with about 4,600 gainers to 1,800 losers.

The FAANG names are solid and we have strength in a variety of areas, including oil, biotech, China and a variety of other groups.

The major change I see is in the speculative trading of the cryptos and blockchain names. The spikes are fizzling out very fast and there is little willingness to chase the moves. These traders are still active, but they are flipping and that is trapping late comers in stocks such as Eastman Kodak (KODK) .

However, there is still a very strong appetite for good setups and they are working well if you catch them. On my screens this morning are Cheetah Mobile (CMCM) , Gridsum Holding (GSUM) , Remark Holdings (MARK) and several others.

Phoenix New Media (FENG) is a good example of the type of setup I'm looking for. It has a solid base and is trying to turn up and make a higher high. A move over $7.45 should trigger buy stops and bring in some momentum chasers.

The indices are a bit choppy today but the stock-picking remains favorable. As I discussed in my opening post, it is best to let your positions determine your market timing.

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At the time of publication, Rev Shark was long CMCM, GSUM, MARK and FENG.

TAGS: Investing | U.S. Equity | Cryptocurrency | China | Markets | Bitcoin | How-to | Stocks

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