Shares of Meta Platforms (META) have surged higher Thursday after the company reported their quarterly numbers Wednesday evening. The stock is about 20% higher in early trading Thursday on the heels of a top and bottom-line beat and announcement of a share buyback program.
On Wednesday afternoon just ahead of Meta's earnings I wrote that, "META has made a big advance ahead of earnings but trading volume has not expanded and the Point and Figure charts do not suggest much more on the upside. If traders have new long positions at a profit they should probably grab those gains and stand aside at this juncture in time."
Real Money readers have not emailed me that I "messed up" but I feel I must raise my hand like I committed a foul.
Let's check out the charts again.