S&P 500 tech sector stocks have hemorrhaged over $350 Billion in the last three days! That's more than the entire market cap of ALL CRYPTOS in just 3 days! The tech sector of the S&P 500 is mainly held up by FAANG stocks.
What are 'FAANG Stocks'?
FAANG is an acronym for the market's five most popular and best-performing tech stocks, namely Facebook, Apple, Amazon, Netflix and Alphabet’s Google. - coined by Jim Cramer.
It all started with FB plummeting 20% in one day loosing over $100 billion when they didn't reach their numbers for the first time in... well ever! FB is also realizing that their numbers aren't sustainable for much longer so it has started an avalanche of sell orders in FB which carried over into the rest of the tech sector. It didn't take long for the rest of the FAANG stocks and the entire tech sector to follow suit. FAANG stocks alone account for $218 billion of the $350 billion dollar loss!
Twitter isn't part of faang but it also fell off a cliff recently when they decided to delete spam accounts which turned out to be about 20% of all users on twitter. Twitter has now fallen below the 50 day moving average.
I don't know if this is the beginning of a stock market crash or if the powers at be will step in and stop all of it like they usually do, either way it is a hard hit for stocks. Some people might see this as a buying opportunity but I would be careful on buying this "dip". I feel like this is the foundation of the stock market cracking or even starting to crumble.
It is no secret that FAANG stocks have carried the S&P 500 for quite a while now, especially the tech sector as it's there shining stars. So I am curious to see where this all leads.. Who knows maybe some of this money will find its way into BTC and the crypto market. Or maybe we will spark the recession that has been long awaited.
It's impossible to guess how things will work out but if you take a look around at any of the alt media sites there is more bad news about the economy than good. Housing is at a 6 month slump, car sales are down, obviously stocks are down, college debt is at an all time high, credit card debt is out of control, the cost of everything is up while wages have been stagnant for a decade, gdp to debt is now negative in America at 105%, in fact nearly every country around the world spends more than they make with japan passing 400% to GDP this year! Oh and lets not forget that most people don't even have a savings account anymore! That's fricken insane! How is this considered an economic recovery?
Is this the beginning of the end?
Do yourself a favor and start paying attention, things are starting to fall apart. Stop listening to mainstream media bullshit and check out Zerohedge and other alt media sites for whats really going on in the world. Half of the articles are about how shit is hitting the fan. Its time to wake up, a recession is long overdue and it might be knocking on our front door.