We are getting OVERSOLD in this bitch. Mega caps are pinned at highs while once again small cap names are beaten senseless. This relationship has tainted markets and forced people into idiotic trades, such as meme trades, boosting shares of HOOD, GME, AMC and others to unnatural highs.
While I do believe in many things and have opinions on almost all of them, I believe in nothing more than prices action. The psychological relationship between price and fundamentals is on a moving scale. Amazon never ever traded for a reasonable valuation in all of its years being public. I recall in the early 2000’s people betting against it often, citing lack of earnings and “real business model.” The ideas we have about what goes up and down isn’t exactly science and should be discarded regularly for new ideas and new trends.
I am flat for the session, but up sharply in my Quant, +185bps. There is a seem in this tape worth pursuing and God damned it I am going to find it now.
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Feels like it want to plunge.