All of a sudden FANG has its groove on.
Remember FANG … the high-tech quartet of Facebook (FB), Amazon.com (AMZN), Netflix (NFLX) and Alphabet (GOOGL)? They’re even tracked by the NYSE FANG+ Index ($NYFANG). It’s been hitting new highs in June after two months of going nowhere.
There haven’t been a lot of strong news catalysts like earnings. (Of the four, only GOOGL reported a weak quarter last time around.) Instead, there seems to be a simple continuation of money flowing into established leaders giving investors exposures to the biggest and most exciting growth areas in the market.
Bottom line: We’re entering the homestretch into the Fourth of July. There aren’t a lot of earnings reports or economic data, and volumes are slowing as the World Cup progresses. We’re looking at a quiet drift higher as tech traders stick with long-term favorites.