by John Rubino
Yesterday’s bulletproof stocks, led by the FANGs (Facebook, Amazon,
Netflix and Google), are getting whacked today. Amazon is down 100
points from its high, 32 of those points coming today. Netflix is off by
nearly 10%. Even Google, which really does seem bulletproof
operationally, is down 3%.
Most of these companies are and will remain pretty great, but they —
along with almost everything else (gold and silver being notable
exceptions) — are being treated as sources of cash by investors who have
to meet margin calls or simply get a decent night’s sleep.
As the old saying goes, the beatings will continue until morale
improves. Which in this case means the carnage will go on until the Fed
reverses course and offers up a new, bigger and better QE program.