The ranks are confused
Who have been the leaders of the bull market in the past two years?
Undoubtedly the FAANGs
- Amazon
- Apple
- Netflix
Since early 2016, they have been on a massive tear rising more than 200%.
The NYSE has an index that includes them along with some other high flyers like Tesla, Twitter, Baidu and Nvidia.
Since March 16, it's down 15%.
Now Denis Gartman is the focus of many critics because of his ridiculously stilted way of writing and speaking. His middling performance is also a problem, especially lately.
But he has a great saying about bull markets. It's something like that a bull market ends when the 'generals' are taken out a shot, leaving the lower ranks confused and routed.
The FAANG stocks, and a few others, have undoubtedly been the generals of this rally and they are in big trouble right now.
Since the peak of the Nasdaq on March 13:
- Facebook -18%
- Amazon -12%
- Apple -8.9%
- Netflix -12%
- Google (Alphabet) -14.5%
- TSLA -24%
- NVDA -13%
- Broader Nasdaq -8.7%
I know, quarter end yadda, yadda, yadda but the generals are bleeding.
