A couple of months ago, I made this statement about Netflix, stating it “seems well-positioned for a potential gap-fill.”
Well, here’s the updated chart. It shot higher, retraced back to successfully test support, and then lurched higher again. At this point, we have almost 100% filled the gap.
Another absolutely smashed company, Facebook (oh, sorry, Meta) had a gap that seemed out-of-reach but, thanks to this inexplicable rally over the past seven weeks, has just about met with success.
My point is twofold: first, my goofy call for a gap fill seems to have worked out, and second, if these two obviously very broken companies (otherwise, why would they lost MOST of their value?) are almost done with their gap fills, surely the market overall must be near a point where it’s out of joy juice.