Don’t forget DATA, down a modest 50% after almost doubling analyst estimates, but issuing slower growth projections, and dragging the whole software space with it down about 7% on the day with some individual names in the space down over 20% also.
And the FANG stocks are all rolling over while the only things that seem to catch a bid are the defensive stocks.
The difficulty with selloffs that are this fast is that lots of holders can be forced to sell from margin calls, so ripple effects are likely to spill out over the next day or two… unless another earnings or news landmine shows up before it can stabilize.
On the bright side, sentiment is very bearish… however the indexes are actually in a place of balance with regard to price.
My personal opinion is that we get a bear market rally soon, but that there is still lower to go. It looks like any small excuse will kick off relentless selling. At least there will be good deals further down the road…