Dow: +112.97…
Nasdaq: -80.05… S&P: -8.63…
Of the five FAANG stocks (FB, AAPL, AMZN, NFLX, GOOGL), only AAPL is left to report earnings and that will happen next Tuesday after the close.
So far it’s mixed. NFLX bombed early last week, FB screwed the pooch after the close yesterday (down 19% today), AMZN just reported, and after being down 50 bucks today is +60 bucks in the aftermarket right now.
THink the market isnt overweight these stocks? There are 605 etf’s which hold FAANG stocks as atop 15% holding on their funds.
When the grim reaper and the fat lady come knocking….and they always do, it will be like running from a burning movie theater. At some point, they will tire of these names and monetize the profits. Someone always blinks first and says no mas.
Speaking of Facebook, the chart says that it could get down and fill that gap around 160. If that gives way, then 150 would be up next. Will it happen? Gut says probably not? Why? Because all of these mindless performance chasing monkies in the hedge fund business have their performance bonuses (livelihoods really) tied to these stocks and they will ultimately collude to bid them back up. They all have too much to lose and are thick as thieves. Truth.
Nothing really new to report other than missing MRTX. I highlighted this one Monday night and I had my finger on the buy button for us yesterday morning at 56, but it ripped to 58 before I could blink and I didn’t want to chase it. Still running, if you took it, well good for you. Guess I should have chased.
See you in the morning.