It was a pretty weak day for the broader market, but it was a mini horror show for the momo stocks - especially those in the tech sector. Facebook (FB), Netflix (NFLX), and Twitter (TWTR), saw net daily declines of -4.7%, -6.7%, and -4.2% respectively.
One question that arises from today's collection of momo declines, are they a warning for the broader market? Has the hysteria bubble finally burst, or is this just a little washout, with further broad gains due in April/May?
The rest of this week will be really interesting to watch..and be part of.
As ever, I do not trade the 'hysteria' stocks, but they are always worth watching, and can sometimes herald a broader change in market direction when the momo bubble periodically pops.