It's gotta be trending on every major financial network right now. Facebook (FB) is currently down more than 23% after hours after earnings. The plunge protection team better step in if they want to avert a panic.
This is gargantuan news. If you don't know what FAANG is (Facebook, Amazon, Apple, Netlfix, Google) slap yourself. FAANG makes up a large part of the market esp. in 2018.
A couple weeks ago, Netflix fell sharply after less than stellar earnings.
Google had decent earnings after it demonetized youtube content providers (who are now moving to Steemit and Dtube). Facebook is crashing hard though (crash is defined as more than a 20% drop in a few days - this more than qualifies).
This is going to have a huge ripple effect throughout the markets all by itself.
Keep in mind that this comes on the heels of Elon Musk's increasingly erratic behavior (his distractions are no longer working like they used to).
It comes on the heels of the US auto makers tanking as subprime defaults mount.
It comes on the heels of housing numbers showing cracks forming today.
It comes on the heels of my favorite turd, Deutsche Bank, reporting terrible earnings (down 17%).
Folks, this is what it looks like when a bubble is about to pop. I'm seeing the seismic activity picking up despite the fact that the DOW closed up 170 points TODAY and is within striking distance of all time highs.
The dual narrative continues. There is the fictional narrative that everything is awesome. Then there are the facts as mentioned above. When reality hits, it's going to be nothing short of the worst economic disaster in the history of mankind (WORSE than the Great Depression).
Before we close, it's important to mention that we have been seeing signs that Bitcoin is getting ready to go parabolic again in the last couple weeks. We should know for sure in the next week or two but it is sure looking that way.
The Market Vigilante