Speculation was rife and outer space stocks had been the flavor of the week. Now all of that is over and the pikers from Robinhood wiped clean off this planet. There’s not reason to ever buy SPCE, especially up 300% from the lows.
The Nasdaq is off by 150, Dow 300. European stocks are off in the magnitude of 1%. Everyone is trying to figure out why, since there isn’t any new news.
How about a fucking sell off for the sake of destroying the plebs?
Momo oriented stocks have been targeted and they’re plunging, from BYND to TSLA to the aforementioned SPCE. My Bubble Basket of high valued stocks is down 2.1% and my SAAS basket -1.8%.
Heading into today I was heavily in cash, due to a spate of sales yesterday. Upon seeing some of my stocks bludgeoned today, I sold them down and raised my cash to 65%. I suspect markets will darken into the closing hours — but I can be wrong. I also suspect this is just the beginning of the sell off, so 3x inverse ETFs are on the agenda.
The 10yr is down 6bps to 1.51%. Something is afoot.
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It could be the enormous cascading economic impact from China shutting down finally being priced in. This market reminds me of one of those road runner cartoons where Wile Coyote runs off a cliff.
Got ugly fast.
My read is “algo flash crash,” based on the random (as far as I can tell) timing and sheer acceleration.
What else but algos make a market move so suddenly and then *stop* the plunge just as suddenly?
I added to TSLA on that drop.
That was a dirty shakedown is what that was
Bold, but the chances of it paying out are higher than they should be…
I’ve cashed out my short-term bear positions. I still think the market is way overvalued, but that includes AAPL. Take a look at it’s cahrt: it barely dipped below Tuesday’s HIGHS. This despite:
https://www.zerohedge.com/markets/negative-impact-top-apple-supplier-foxconn-warns-over-revenue-hit
https://www.zerohedge.com/markets/key-apple-supplier-hynix-tells-800-workers-stay-home-after-trainee-contracts-virus
https://www.zerohedge.com/markets/traders-pointing-news-out-china-selloff-catalyst (wrong)
APPL will lead any real bear market.
Thanks Obama
That rush down had something to do with bonds me thinks. Then there’s that damn weaponize bat virus shit.