Week 50 Big Tech Trending and Performance
Trending Heat Map
Today was a bad day for everything at the stock market of course. But it is rare to see the Chinese internet companies looking better than most of the usual high-fliers. Note that Netflix NFLX was perfectly bullish and has started backing away to a bearish trend. The others never really came close and have now all backed off.
I cannot see what in the near term will change the mood. It most definitely felt like capitulation in the markets today. The Santa Claus rally seems unlikely now. Although one never knows and, as traders, we should be ready for anything. I did have a profitable trade with Netflix NFLX on the short side using puts. And I am still holding SPX and QQQ puts.
Performance 2022
This table is of course a disaster. I had to paint everything red and then find the black (positive returns) cells. It is shocking that Tesla TSLA is down -19% just in the month of December and we are only halfway through the month. Equally shocking is that this is not just a December thing. TSLA is down -48% over the last 3 months.
There is nothing much to say except that I do not see the situation getting better very soon. This is why I am not a buy-and-hold subscriber. We all need to be actively managing our portfolios and take risk management actions when needed. As I have been discussing here, the risk management techniques I use are very simple. It does need the discipline to spend a little time every day to review the markets.