Facebook, Alibaba, Amazon, Alphabet Continue the Momentum Show
The momentum stocks TheStreet's founder Jim Cramer has christened "FAAA" --Facebook (FB) , Alibaba (BABA) , Amazon.com (AMZN) and Alphabet (GOOGL) -- have two things in common from a technical standpoint: They are trading above "golden cross" formations on their daily charts and each has positive but overbought weekly charts, the true definition of strong momentum.
A "golden cross" occurs when a stock's 50-day simple moving average rises above its 200-day simple moving average and indicates that higher prices lie ahead.
Facebook has been above its "golden cross" since Aug. 8, 2013 when the stock was closed at $38.54. The company reports earnings after the closing bell on Nov. 2 and analysts expect Facebook to earn 76 cents a share. Cramer, whose Action Alerts PLUS portfolio holds Facebook, recently wrote, "We continue to appreciate the management team's drive for...