News:
Meta (FB) fell 26% yesterday and lost ~$230 billion in market cap. The largest single-day loss for a company in stock market history.
After hours SNAP reported earnings and blew everyone away, its stock surged 50%.
AMZN (pick and shovel play with AWS) beat expectations too and is trading up ~12% at writing.
There are winners and losers right now as social media giants struggle to adapt to changing demographics, the iOS update, and the metaverse.
This story is far from over. I’m keeping close tabs on PINS, MTTR, and RBLX as the story develops.
Tensions with Russia remain high this morning. The Pentagon reportedly uncovered a Russian plot to stage a fake attack against its own forces, justifying an invasion of Ukraine.
Oil is above $90 this morning. The highest level since 2014.
Technicals:
The put-to-call ratio is oversold but RSI levels are neutral.
The VIX rose during yesterday’s broad sell-off. Which is expected…
Mixed singles on this front which favors the bears. But not enough for me to make a bearish bet.
Timing:
The jobs report drops at 8:30 this morning…
Private payroll data suggests a grim outlook. But it’s an unreliable measure…
New unemployment filings, released yesterday, were in line with expectations.
Keep an eye on this as it could deliver a surprise.
Risk off still for me. Be safe out there!
Watchlist:
BPT is on watch
CBT has support at $61
FUN is on watch
FRBK has support at $5
SST is on watch
UPS has support at $220