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First weak of April

First Weak of April
First Weak of April
Chun Bong Lai

It is first week of April and also first weak of April. Dow Jones Industrial Index fell more than 100 points; Nasdaq fell more than 120 points; S&P 500 fell around 20 points.

Some of the headlines for the first week of April are the following:

Sheryl Sandberg sells half of Facebook shares in two years (Facebook shares fell more than 10% this week), inflation slowing in developed countries, Asian stocks rise for a sixth day as US manufacturing expands, S&P 500 in record territory again, China stimulus puts new focus on growth target, Google's class divide, Wall Street slips as biotech, momentum stocks lead decline, GrubHub prices IPO at $26 per share, US business hiring finally tops recession losses, Nasdaq fell more than 2% on Friday, US adds 192,000 jobs but unemployment rate holds steady, Weibo IPO to raise about $300 million, GrubHub surges 31% at IPO.

It seems like momentum stocks like Priceline, Google, Facebook, and other companies such as Netflix all fell this week. The market is currently testing its uptrend support. Will it hold and continue the uptrend? We need to observe next week's prices - many of the stocks are losing their grounds and ending their uptrend channels.