Tech Still Puking

Dow: -144.23…
Nasdaq: -107.41… S&P: -16.22…

Stocks dropped for a third straight session on Monday, with tech shares again pacing the retreat. Both the S&P and the Dow lost 0.6% apiece, while the tech-heavy Nasdaq tumbled 1.4%. The averages opened flat, but slipped into the afternoon, settling just above session lows.

Ugly Tech

The technology sector — which is the heaviest sector by weight, representing a quarter of the broader market — was the worst-performing group today, losing 1.8%. More than half of its components shed at least 1.0%, with Twitter (TWTR 31.38, -2.74) losing 8.0%, Netflix (NFLX 334.96, -20.25) dropping 5.7%, and Facebook (FB 171.06, -3.83) tumbling 2.2%. TSLA better start cranking out some big green tractors, because that chart looks abysmal as well.  They report Wednesday and it better be really good.

Facebook is still a hot mess

If TSLA doesn’t hold here, then the 270 zone and maybe lower is up next unless earnings change that.

Netflix is down almost 100 points in a few weeks.  March and April resistance is now support.

Here’s a chart of Twitter.

So here’s the bottom line….unless you’re deep in FAANG stocks you’re OK. Growth stocks that make up the Nazzy and the Russell are seeing some extreme profit taking.

We have seen the FAANG stocks see these types of dramatic pullbacks a couple of times in the last year and they recovered and made new highs.  Is this time different? Only time will tell.

We stopped on the balance of ROKU today +6.9%, we stopped on the balance of ARQL today +69.4%,  and we stopped on the balance of VKTX -3.6%.

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