Elon Musk has rebranded Twitter as 'X'. He replaced the blue bird logo with an 'X' over the weekend. This comes as Mark Zuckerberg and Meta Platforms recently launched 'Threads' as a competitor to Twitter.
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00:00 I'm wondering if meta will continue to decline
00:03 now that we have the surprising turn of events,
00:07 Twitter going to rebranding to X.
00:10 - What?
00:11 What is this?
00:12 I saw the X in the corner.
00:14 So I went, I logged into Twitter, it was this morning.
00:16 And it was the first time I noticed it.
00:18 I'm like, what is this X in the corner?
00:21 I'm like, what the hell is this?
00:23 It's weird.
00:24 So anyway, so they're rebranding.
00:25 So they killed the bird.
00:26 So Joel, this is good news for us.
00:28 - It's great news for us.
00:29 - We have a monopoly, look at our bird.
00:30 - That's our bird, man.
00:31 - It was always close to the Twitter bird.
00:32 - That's our bird.
00:33 - Ours looked better though,
00:34 'cause we had the worm coming out of it here.
00:36 So anyways, there you go.
00:37 So we got full, it's our bird now, fully.
00:42 - Thank you, Elon Musk. - You cannot compete with us.
00:43 - We are the only ones with the cool blue bird now.
00:46 (laughs)
00:47 - He didn't wanna compete with us.
00:48 - The bird's the word, man.
00:49 - Oh, I like it.
00:49 I like the news.
00:50 - Bird's the word.
00:52 Don't you guys know that, man?
00:53 Come on.
00:54 - Not for Twitter anymore.
00:57 - Now will this affect how Meta's been trading?
01:00 Because Meta, of course, got that rip, it went above 300.
01:04 Now you're starting to see it really turn back around.
01:07 Can Meta continue lifting off of the thread news?
01:10 I don't know if it can get back to that 300.
01:13 That was a pretty tough crack there.
01:14 - One thing to consider was part of the rebalance as well.
01:16 It was a smaller part of it, but it was there.
01:18 It was weak on Thursday and Friday.
01:20 You can see the two candles.
01:21 I don't think it's coincidental that it was getting sold
01:24 in that QQQ rebalance.
01:26 That trade is over now.
01:27 So you could see, and I think you are seeing
01:29 a little bit of that relief pop this morning.
01:31 I'm gonna be back with you guys in five minutes here.
01:33 I got more stuff going on.
01:35 - Okay.
01:36 All right, good.
01:37 Let's see.
01:38 We'll look at the technicals in this one.
01:41 And I'll just stick with the, I'm sorry?
01:44 - What do you think here, Joel?
01:46 - I just, I love what these kind of setups,
01:49 because you have both.
01:51 I mean, you have great levels to look at.
01:53 Let's say 319 down to 291.
01:57 So that's 19 and nine, right?
02:00 32.
02:01 So you take half of that, the move,
02:04 this is called 15, 16 bucks.
02:06 You know, there's 305, 306 area,
02:09 right in the hot, right in yesterday's high.
02:12 So what these stocks have to prove,
02:14 and that's right there.
02:15 That's right at Friday's high, at 305.46.
02:19 To me, the move would be,
02:20 how much are you gonna give back to this three?
02:23 Can you even get to 306,
02:25 establish a bid and keep on going?
02:27 Or people like, man,
02:29 I missed my opportunity to sell this over 300.
02:32 300 is my target now.
02:34 So let's see.
02:35 I mean, it's been a magical run on the monthlies.
02:37 It's been a little bit of hit on the dailies.
02:40 You're getting a little bit of a relief pop,
02:42 but boy, oh boy.
02:44 I mean, you got a ways to go to get back half of the move.
02:46 Old time high, 318.68.
02:49 But keep up.
02:50 I'll make that 305 and a half, 306.
02:53 I'll make that a four star today.
02:55 I know it's 10 bucks away,
02:56 but you know how much Meta can move.
02:58 Mitch, what are you seeing on Meta?
03:00 - Yeah, I'm with you on that.
03:01 I like the 50% retracement outlook.
03:04 And like I said,
03:04 I think 300 is gonna be a little bit of resistance.
03:07 Let's see if we can just quickly get back over that, right?
03:10 If you're right back over into 305, closing up there today,
03:13 yeah, I wouldn't be fighting Meta.
03:15 Let's just say that.
03:16 I think we gotta be really careful
03:18 with these types of stocks that we get quickly bearish
03:22 because it's just so extended, right?
03:25 Remember, these are the strongest stocks,
03:27 like Meta and Nvidia.
03:29 You gotta be careful
03:30 when you're shorting the strongest stocks.
03:32 At least I would personally put a little warning out there
03:35 because I know I'm one of those brave souls out there.
03:38 - No, don't do it.
03:40 - I'll tell you right now,
03:41 you have to be as nimble and quick on that stop as possible
03:45 because if not, you could get wiped out.
03:48 And I think that we got to be careful with stocks like this.