In these big sell-offs they always go for the same thing: stocks of companies that just reported good numbers and stocks of companies that represent bond market equivalents, especially those that do well in a recession.
As for the banks, did people just wake up and see that these stocks are not so hot here off the yield curve? They have been going down for weeks.
I point out that they are the best to buy off of regulation and you have to stay focused on that just as much as the idea that they can still get two rate hikes.
I am not buying the recession scenario even as the market always does on the first or second day of a decline.
Meanwhile, can we just be clear: Snap (SNAP) is really expensive, but the first quarter almost is a given to be good because of all the ad campaigns that it had from before the daily average user growth slowed because of Facebook's (FB) aggressive Instagram business. (Facebook is part of my Action Alerts PLUS charitable trust.)
I totally get why anyone would want to buy it, but this is not the day to be a buyer. Wait until it's down, for heaven's sake!