So, as I mentioned last year when this happened, most HFs have an October-end redemption request period for year-end distributions/return of your capital [often 65 days notice].
With trading now T+2 this means the next week should be the end of temporary structural selling pressure on these names as HF redemptions arrive. I would not be surprised to see these stocks, esp the winners, continue to trade down for a week before stabilizing/rallying. I’m sure we all remember the selloff 12 months ago when this happened.
As of Oct 21, JPM Prime Brokerage reported HF selling of long Technology positions [as opposed to shorting tech].
As per Saul’s request, pls do NOT respond to this post.
Long TWLO, CRM, ADBE, IQV, AMZN, FB, AVLR, IAC.