SAAS stocks are down 9% today. That’s not a misprint. NINE FUCKING PERCENT.
The pivotal name in this group is HUBS — down nearly $20 for the session.
Over in the leadership stocks, FAANG, $FB is lower by 40% from the highs. The entire groups is heading into bear market turn over the past 3 months.
How do we dig out from here?
As I’ve discussed before, bulls have two magic bullets — but Trump needs to deliver.
1. A China trade deal will cause a furious rally.
2. Fed pause in response to market conditions will make Powell Goldman’s bitch. This is a good thing for markets.
Other than that, the trend is lower. The data is good, but deprecating. Watch leadership stocks and sectors for a tell. I’m betting on a Fed pause, which should help start a furious rally in bonds.
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“will make Powell Goldman’s bitch”
Make? …Fealty to the boss is a hiring requirement.
SOXL a day too early…
meant SOXS.
tfw