The broader indices are hiding the overwhelming bear market that the typical stock is currently in. The highflyers, the cloud names, software stocks, Chinese stocks — there’s a bear market in many sectors out there. Many stocks, even good companies’ stocks like ROKU and SHOP and TTD are down 30-50%. Even Netflix is more than 30% from its recent highs. IPOs are suddenly hated too.
So here’s what I’m doing into this fearful bear market beat down of many names out there. I’m doing a little picking at some of the rubble.
I’m nibbling some of the aforementioned NFLX (Netflix). The name is hated and has been sold down hard off the fears of all these new streaming services being considered competition instead of being considered the complement that they are.
I’m also nibbling some more WORK (Slack).
I’m also nibbling some First Solar FSLR, which I’ve been mentioning for months as one of the best plays on The Solar Revolution.
I’m covering a tiny bit of some of my index short hedges, including the QQQ and SMH. Leaving some hedges in place.
I might nibble some TWTR around $41 too.
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