GS' 'valuation air pocket' for FAANG and other large NASDAQ and tech stocks has slammed NASDAQ, NASDAQ 100 and SOX, but has left the NYSE indices relatively unscathed.
SP500 -6.63, -0.28%
NASDAQ -132.17, -2.08%
DJ30 48.16, 0.22%
SP400 0.22%
RUTX 0.44%
SOX -4.42%
The selling is sharp. Stocks sold to mid-afternoon, hard, but have rebounded over the past hour. Turning weak again as the close closes in.
The question on these kind of Fridays is whether you stick around with the idea there will be a buy the dip move next week. We have closed a few positions and with the afternoon rebound had wanted to see more recover. Frankly, I would rather buy back in if they do buy them and instead look to the other areas that are having no issues.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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