Recently an excitable American business TV presenter caught my attention - although normally I try to block out this sort of noise. He stated that investors just "can't resist" and "must own" these "high-octane momentum stocks". My first reaction was, really? And then I thought, why? So I did what I always do in these situations and went straight to my charts. Often it's a real treat taking a dispassionate look at something for the very first time; one's ideas are fresh and unbiased.
Amazon is the only one of this group that has posted a new record high this month, living up to its stature and its name. For this reason I have replaced it with Apple, whose share price action more accurately mirrors that of the other three. A cardinal rule in technical analysis is that related instruments, as well as indices, must confirm each other.