Pinterest (PINS) makes its decision and is breaking down from a double-top formation. On April 9 we wrote that, "If the charts of PINS are taken independently I would expect to see an upside breakout and gains to the $126 area. If potential weakness from the broad market averages spills over into PINS then we might see a double top pattern play out. What would I do? I guess going long above $90 is the logical choice."
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Let's dissect this oversold boost and what happens when the mega caps carry the market -- and when they don't.
The bad news is that it was more deceptive action, and we still don't know how this will unfold.