FANG stocks have gained $600 billion since December, and ‘the sky’s the limit’ for two of them: Expert

FANG has made up some serious ground.

The stocks of Facebook, Amazon, Netflix and Google parent Alphabet have soared this year, making up over $600 billion in market capitalization since the December lows.

As those stocks have grown double digits from the market bottom, one technical analyst is forecasting bigger breakouts for two of the four internet giants.

“Sometimes, you have to sit back and wait a little bit, and I think that’s going to be key for two big stocks right now,” Matt Maley, managing director and equity strategist at Miller Tabak, said Tuesday on CNBC’s “Trading Nation.” “The first one is Netflix, and the other one is going to be Facebook.”

He noted that Netflix’s stock seems to be caught in a range, but a breakout above the resistance — perhaps after the streaming company issues its expected earnings report next week — could ignite its shares.

The same goes for Facebook, which has also been trading in a relatively tight range, Maley said. But its earnings report, which is expected in two weeks, could be more dire, the technician warned.

“Every single time in the last five quarters, it’s seen a huge gap in either direction right after that report. So we have to be a little bit careful on those dates,” he said. “So, right now, I’m kind of in a wait-and-see attitude, especially since they’ve seen such big runs right here, and I want to see more proof before I can really jump back on board and see if they’ll go higher. If they do, and they do break out, boy, the sky’s the limit.”

Strategic Wealth Partners President and CEO Mark Tepper had a different favorite in the group.

While he told CNBC in the same interview that he liked Netflix and Alphabet and was lukewarm on Facebook’s trajectory, Amazon stood out to him as the most promising.

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