Something just happened to this market, and it came out of nowhere (and there lies the problem).
Earlier today the stock market roared higher with a triple digit gain on the DOW. Then, seemingly out of nowhere a hard core selloff in the tech sector began. At the time I am writing this article, Apple is down almost 4%, and this selloff is consuming the entire tech sector-which has been a market leader for the last several months.
**This seemingly from out of nowhere selloff in the tech sector is alarming, because this is generally how market corrections (and crashes) begin, again from seemingly out of nowhere when everything seems to be moving along just fine.
The selloff in tech is something that we must pay attention to, because this has the potential to bleed off into other sectors, starting a cascade of events which could wreak havoc across the capital markets.
Gregory Mannarino
FOMC meeting this week, with almost 100% rate rise expected. Third time is the charm, they say. So looks like a good correction coming. Plus possibly one more later this year.
Yeah, this recent bullish wave looks to be 5th wave elliott, beware correction for sure. I will be watching for an opportunity to buy VXX calls or SPY puts if the IV is right
Thanks for the heads up on this!
I also saw today that Goldman Sachs came out and said that there was a "valuation air pocket" before the huge losses came. I'm not sure if this also played a role. Thanks for all you do Greg.
http://www.investors.com/news/technology/forget-fang-goldman-adds-apple-microsoft-faamg-to-tech-leaders/
"out of nowhere selloff" .... Nuff said!
Just read article that Apple maybe losing in the phone modem arena. This could make other phones more appealing. In return driving iPhone sales down on an anniversary year.
It would be great to see Apple get the correction they deserve! (along with Microsoft and fakebook)
My thoughts are if Apple charges more for an inferior phone knowing they could have made it better they should take it on the chin. Let competition come in and make apple produce the best product not just another phone that has a new sleek design. But it seems these markets want to hold apple up to protect their assets which is bad for the rest of us.
I think most of those big tech companies, especially Microsoft and Apple, have been trading on their reputations for years, while going backwards. Everything Microsoft have done after Windows 7 is like an evil joke...
http://www.frot.co.nz/design/computing/windows-8/
I'm all apple but my mom complains about windows 10 all the time. It never works or resets. It's just not user friendly.
http://www.frot.co.nz/design/computing/windows-10/
Wow... 11 minutes and you already have 44 votes... Ok, time for me to see if you put a new video out there...
@pocketechange
looks like you are right Greg
Facebook, Apple, Amazon, Google, and Microsoft accounted for over 50% of Nasdaq gains YTD And naturally a good amount of the S&P 500 gains. Sad how much perceived wealth is centered on such few corporations.
I agree, it's pretty sad to see how much money is poured into so few companies that don't really deserve it.
thank you for all that you do
I think it is in full fource
Oh dear...
The bubble very well may have began the burst. The question is where will this lead? Are other bubbles going to burst as a result of this creating the bubbly 'I stayed at the party too long" Feeling? The effects of being intoxicated on greed hangover.
NASDAQ down 1.80%
THE SKY IS FALLING!!! AAAHHH!!
Let's see how this will play out. A correctional action in the technology market was eminent for a while.
Go plunge protection team - can they catch it?
Interesting market movement, especially moving into the weekend, all eyes on Monday morning then!
Hmmm,,, good info Gregory.
Thanks Greg. Its trading like they have decided to jail the US president! All that comey stuff was just a distraction. definitely going to see trading opportunities to sell premium as volatility rises on options priced 3 months out. Will be paying close attention.
Thanks Greg will be watching.
I do hope for a correction into 06/20, because i want to get in for the last crazy ride before the bubble really burst!
I'll second that!!!
Oops...
Eyes and ears on you and the markets. We know you've got our backs.
You have been saying something like this would happen say overnight, or like this, on a Friday and come Monday people wake up to a systematic crash that could be like no one has seen before. I be watching.
Thanks for the heads up!
Had an eye on this also. I suppose we'll find out soon enough. Good heads up.
Thanks for the update Greg!
Well so far today all cryptocurrencies have risen all day. So I can't see this trend affecting the cryptos as of yet. Especially steem, which has doubled IN LESS THAN A WEEK!
Will be interesting to see if this affects other sectors. Crash, correction, who knows...but either way this market needs a pullback at minimum.
Thanks for the warning!!!
Agree, that's why I've had limited exposure since that leg down we had a couple of weeks ago.
Does it really matter? I mean, won't the central bank just buy the dip to keep everything afloat?
Interesting to see what is happening in the markets. Keep up the good work Greg. Glad to see you jump on the Steemit Train. I just got kicked off Facebook for using my Middle Name instead of my First Name. Done with those clowns I never even posted anything other than on groups. Middle Finger to them.
Yes, I seen it. Thinking what is going on? Paying attention. Thanks Greg.
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You're probably right but look at the bright side, they slammed PM so I loaded up on some more AG. Thats always nice, hopefylly I get it delivered before the collapse.
The system is too the limits and something has got to give my friend. The crash is before us. Get prepared! DR
There was also a sell-off of the VGT on 17 May and it slowly climbed back up. Since the market might move up after the Comey spectacle will this also drag the tech sector up with it?
Definitely something to watch closely.
Burst baby Burst...Market Fair Value...on the way. Our Pride Can and Will Survive!!
big selloff.