Another bad day as QQQs, SOX, and ARKK all finished down 1.5% despite yields falling 3-10bps across the curve. Overall, price action continues to concern us in the TMT space and there has been nothing this week that’s convinced us to take off our short QQQs stance we detailed last weekend: bad news continues to get hit in large magnitude and stocks with good news (NFLX notwithstanding) seem unable to keep a bid and charts are looking ugly across the board. As we suspected earlier this morning, investors are hesitant to take weekend risk given the current geo-political environment and stocks fell into the close.
In internet, CART was the “big” winner as a 3p data firm called out a significant acceleration in October so far and stock finished up 1.7% after being up 5%+ at one point. NFLX finished flat on the back of their earnings report yesterday – the stock tried to follow through a bit starting up 2%, but like other stocks today couldn’t hold a bid. GOOGL finished its streak of outp…
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