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  1. Home
  2. / Investing
  3. / Technology

FAANG Stocks Are Being Nailed

There are likely to be some good opportunities developing as this profit taking accelerates.
By JAMES "REV SHARK" DEPORRE
Jun 21, 2018 Updated Jun 21, 2018 | 11:12 AM EDT
Stocks quotes in this article: IQ, NFLX, SRPT

After enjoying some great trading action over the past week we are now seeing a very heavy bout of profit taking. The momentum names that the traders have been favoring lately such as Netflix (NFLX) , iQIYI (IQ) and Sarepta (SRPT) are being hit and it is spilling over to a wide variety of names.

Breadth has reversed sharply and we now have more than two losers for each gainer. The FAANGs were looking like a safe haven and were downright frothy but they are being hit now.

I've taken some stops and am working to protect gains but there are likely to be some good opportunities developing as this profit taking accelerates. IQ, for example, is one that I think will stay in play for a while. It is going to be volatile but it is a name that will stay on the radar of aggressive traders.

What is important at this juncture is to view this action as normal volatility after a strong move rather than an indication that the world is ending. We need this sort of corrective action to create new setups and opportunities.

The bears consistently seize on action like this as a sign that the market is about to collapse. There isn't any reason yet to believe that is the case.

Play some defense and protect gains but think about the opportunities that are developing rather than the negative scenarios that the pessimists will be preaching today.

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At the time of publication, James DePorre was Long IQ, SRPT.

TAGS: Investing | U.S. Equity | Technology | Entertainment | How-to | Markets | Stocks

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