TOM, Biko, Lamm discussed on CNBC's 'Fast Money' - Fast Money 07/31/17

Automatic TRANSCRIPT

That is formed over all these years now that's fantastic here but once again what we don't like to see is a double tom lower high that could set the stage for a pullback two that breakpoint corresponds almost exactly with the fifty week moving average that comes in in those one thirty so that's if things go horribly awry now let zoom out and look bigger picture this is one of the things that keeps you a little concerned about technology so we had this fantastic rally off of this movie average here but importantly on the break out to a new high not only do we fail there but we get a big bearish and goal that's a classic bearish reversal into key resistance at once against sets us up for a double tom now we go from the text etf to amazon now post the earnings it's sort of a bungle in the jungle will that's all right by me the stocks down nine percent i think we have another four or five percent downside at a minimum once again weird that low end support that horizontal chart support coincides with that hundred day moving average so amazon for biko's lower along with tech more broadly now let's pull back again semiconductors look semi's like lamm have silenced the critics like myself in here but i think we get it helpful dipped in the chips timmy that's like putting your whole mouth and the ball here just like apple you saw that lower high here lower high in the semiconductors on that bounce so it was great that we did get that bounced off the neckline of this very welldefined head and shoulders in here as we often see but the failure here is very worrisome here so some really troubling signs in technology visavis a rally which has been exhausted some of those leaders amazon coming off the highest google coming off the highs and xl k semi's and apple putting and lower highs into key resistance that for me tells me once again it's going to get a little weird and it's going to go a little bit lower in the short intermediate term for technology.

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