Torturous Decline

We are not close to oversold yet. As a matter of fact, as you can see by the chart below — we are barely at early Dec 2023 levels. There isn’t any panic in this tape, especially a tape that is holding up the tera caps.

But let’s have a look at which notable stocks are in a BEAR MARKET for 2024.

Stocks down more than 20% for 2024:
$BA -22% $JD -22% $COIN -23% $LI -22% $MBLY -34% $RIVN -28% $ENPH -20% $VFS -31% $NIO -30% $CVNA -20%

Traders exited 2023 in love with electric vehicles and started 2024 with absolute seething hatred for them. There is nothing you can tell me that will convince me this is cogent market analysis — the “all knowing efficient market theory at play.” As time goes on and the more experience I get in trade, the more I realize the market is comprised, at an increasingly rate, abject morons. I do not mean that to come across as elitist or make myself out to be an intellect — for I am not. HOWEVER, once upon a time if a company traded at 10x sales that was considered to be an outrageous valuation. Yet now, investment banks feel comfortable pricing IPOs at 30x sales and then people wonder why $VFS is down 90% from its highs.

The checks and balances have been reduced to barely anything and the only actions the SEC are interested in are against penny stock peddlers who can ill afford to fight them in court.

I closed down 91bps, an improvement from the lows I held into 3 o’clock but another down day, low lighted by my non-stop state of ailment due to another dose of the COVID-19. I am grateful for not being vaccinated.

Into tomorrow, I’ll give it the olde college try again, mostly very long with a downside hedge against oil stocks — since those have been collapsing almost continuously for the better part of the past 18 months.