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Home Forex News

The general of the tech rally breaks a key level

by Trading How
February 23, 2022
in Forex News
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Here’s a stat that shocked me on Friday (and it is solely gotten worse this week):

  • Half of the Nasdaq Composite is down 30% or extra
  • 40% of shares are down 40% or worse
  • 35% of shares are down 50% or worse
  • 28% of shares are down 60% or worse

We’re bordering on a 2000-style implosion in tech in a reminder that corporations with out earnings wrestle to discover a backside when the tide turns.

Tesla makes cash however its a number of is insane. It is now down 36% from the November spike excessive and again at October stage. That also leaves it buying and selling at 10x ahead gross sales and 110x free money stream.

I am not involved with valuing Tesla a lot as what this chart says in regards to the general market. There isn’t any ground on development shares and there is clearly some deep ache being felt within the ‘new paradigm’ trades. Tesla is the highest holding of the flagship ARKK fund and Cathie Wooden’s bullish calls on Tesla are what made her well-known. Yesterday she cleared out of Palantir for an enormous loss and piled extra int Tesla.

But TSLA is down one other 4.7% right now, breaking beneath the 2022 low in what could possibly be a huge double prime focusing on $600. You’d hate to marvel the place one other 27% decline would go away different tech shares.

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