We’re gearing up for a potentially wild week with another big storm heading for Florida, and the stocks are down relatively big on the heels of downgrades for Amazon, Apple and Netflix.
Downgrades don’t typically have much of an impact beyond a couple of days, but these are all FANG stocks, which is very rare to see three get hit like this.
So don’t be surprised to see some extra bleeding today, especially among the Nasdaq 100 (QQQ) stocks, because these three tickers make up about 17% of the index.
We also have earnings starting this week, so volatility could begin to pick up.
My suggestion today is to keep an eye on the VIX — which is already up over 9% this morning because the bond market is at its 100-day moving average, and more drama in the Middle East…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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