As everyone now awaits what could either be a “Market saving” or “Market killing” earnings report via Amazon™ after the close. There are two things I feel need to be shared for context.
As I type this Facebook™ (Meta™) is down 26% and what is making matters more tenuous, is the fact, no one appears to be thinking it’s a great company “On Sale!” as they used to say when trying to entice someone – anyone! – to buy it and save it.
But here’s the “context” part I alluded to.
This one day drop represents the largest ever one day drop of any U.S. company – ever.
How big is that drop for context? Great question, here’s what that represents as of this writing, meaning, it could get worse into the close as well as better. But to sum it up…
The losses in market cap, just from today, for Facebook alone, is larger than the total market cap of 455 companies that comprise the S&P 500™ – combined!
I occasionally make my way over the the sub-reddit area known as WallStreetBets™. I do it because it does two things for me. 1) it gives me a real time feel of what the “kids” are doing and thinking, as they say. But second, it at times expresses more genius in comedic fashion, whether via a meme or just commentary, that I wish professional comedians today would be just half as funny and up to speed.
So what did I see there today? Well, I went there just moments ago and saw the following that made me laugh so hard, it prompted this writing. I didn’t start reading two or three lines and this was about the forth one in. To wit:
Here’s what the above signals in my humble opinion…
When even the inexperienced or ultimate retail trade gets it? You know there’s no credibility left for serious discussion from said outlet.
As always, we shall see.
© 2022 Mark St.Cyr
Note: This is not trading or investing advice of any sort. This commentary is for “big picture” discussion purposes only. Please read, or re-read the “About This Site” page for any questions or clarifications.