It was obvious that the FAANGs and the broad averages couldn’t continue in opposite directions for much longer. On Wednesday the discrepancy was resolved in exactly the way we might have expected: with Mr. Market ripping traders a new orifice — especially those who may have thought they’d figured things out. The day began with the lunatic stocks, led as usual by AMZN and NFLX, in gap-up openings that reached midway into Monday/Tuesday’s steep decline. From there, however, it was down, down, down as the rabid FAANGs turned on those who would have been most encouraged by the spritely opening bar. I’d tell you the stock turned on its handlers, but they were clearly in control, channeling pent-up market orders on the opening to create a fleeting illusion of strength. So is every rally now a distribution even for the FAANGs? That’s my take, since the broad averages seem too fatigued, perhaps terminally, to support the appearance of buying power. They remained smugly placid on Wednesday as the FAANGs did their crazy war-dance, but by day’s end they’d joined in the un-fun, with the Dow slipping 165 points and seemingly wanting more.
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Tuesday, Sept 11, 2018
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