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Tuesday, July 24, 2018

WHAT NETFLIX TAKETH … GOOGLE GIVETH BACK

“So says everyone who owns Google as of 4 P.M. yesterday afternoon!”

“Well, that escalated quickly, didn’t it”? The NDX100 teaching shorts yet again, 
just how painful & difficult it can be trying to sell the top that simply keeps 
going higher … where this cyclical top is nobody has a clue, but when it 
eventually ends, 2 things will have happened; 1) there won’t be a short seller 
within 1000 miles of a machine to sell the NDX100, and 2) every last barhop, 
waiter, & kids who mows lawns for a living will be “in it to win it”, and like 
1999 an entire generation of people will get wiped out 
… figuratively & literally!

Over on ZH today, a good post by Doug Kass I think everybody should read 
… directly below the link.

upside-reward

One highlight of particular note; 10 years ago in 2008, there were only 9 ETF’s 
that had “FAANG” stocks [Facebook, Amazon, Apple, Netflix, Google] as a top 
15 holding of the ETF … today, in 2018, there are 605! … “think about this for a 
second, and ask yourself what happens when the door to the exit gate gets a little 
crowded”.

Turning to today’s markets … Chinese announce big fiscal stimulus package 
for ailing China … Hang Seng moonshots … Google’s blowout  earnings drives 
every last short in the Northern Hemisphere to cover at the open … and  
“viola”!“it’s the top, thanks for coming and playing”!! 

Still early yet to be blowing the “this is it” top call, as the NDX100 is only off 
about 100 points from the high established about 45 minutes after the open 
… but the potential for “ugly” certainly is here right now, and headed into the 
last 2 hours of trading, if this stuff doesn’t turn around soon and carve out 
some kind of bottom, the last 30 - 60 minutes could get “ugly interesting” to 
say the least … so far, though, I think the sharks are circling and can smell 
blood in the water; NDX100 far weaker than the SP500, which is not good. 
Outside of Google's earnings and the resulting moonshot after the close, the 
last 2 days have not seen very good "buy action" in the market during the day
... could be just profit taking from the recent runup, or it could be more sinister
in its scope, perhaps suggesting distribution by the big money crowd that's 
selling to retail specs ... don't know yet, but the lack of upside carry through is
not a good market development ... we'll see what tomorrow brings, and then on
Thursday we get Amazon's earnings ... just making the comment, though, of 
what I'm seeing in the market ... here at the close, not very impressive off the 
low made earlier, despite the "Plunge Protection Team" [PPT] making an 
appearance in the last 10 minutes of the day.

A bucket of trades today … PAMM up just a couple bucks shy of 0.1%.

Outside of the pre-market open, not much in the way of “buy fuel”, once the 
high of the day was put in … “and, if you needed evidence that the LP’s in this 
market are at least “fair”, one of our liquidation long positions came at 7474.3, 
only 0.5 points off the high bid print of the day”. I guess the NDX100 tree will 
have to wait another day to climb to heaven.

PAMM Spreadsheet will be up in a few hours, directly below. And with that, 
I’m outta here … until tomorrow mi amigos … Onward & Upward!!

UPDATE: 5:25 P.M. EST., PAMM Spreadsheet directly below.


Have a great day everybody!!

-vegas

OUR TURNKEY FOREX “PAMM/MAM” IS NOW OPEN AND
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