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Facebook's strong earnings report added fuel to the "FANG" basket rally this month, but what does that mean for the market going forward?
The FANG basket is now up more than 5 percent for July compared to the gain of 3 percent.
Using Kensho, a hedge fund analytics tool, we looked at what happens to the market during and after FANG increases of 5 percent or more in a month.
Here is what we found.