Week 49 Big Tech Trending and Performance

Trending Heat Map

Very mixed and I see more amber than green. Interesting to see the Chinese internet companies Alibaba BABA and Baidu BIDU finally catching a break. Overall, China Internet has been doing really well. I am long KWEB which is the ETF for that. Netflix NFLX turned perfectly bullish. PayPal PYPL turned perfectly bearish and Tesla TSLA and Zoom ZM remained perfectly bearish. There are winners and losers within the Big Tech.

Performance 2022

The Big Tech stocks have performed worse than the general markets this year. We can see big names that are down twice and thrice the SPX. November was actually a good month for the markets. However, Tesla TSLA, Zoom ZM and PayPal PYPL managed to eke out losses. Even a safe name like Apple AAPL is underperforming the market. So, Big Tech is not the place to be. It is a good place to look for shorts. Tesla, Apple and PayPal certainly look like candidates to be shorted. Netflix NFLX seems to have gone up too much too soon and maybe ripe for a pullback.