• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Doug Kass
    • Bruce Kamich
    • Jim Cramer
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • Trifecta Stocks
  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.

Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

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

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

More from Technology

Kass: Time to Introduce a Financial Transaction Tax and End Weekly Stock Options

Doug Kass
Feb 27, 2021 8:15 AM EST

I believe more sensible regulations should be considered and enforcement is needed to adapt to gains in technology.

I'm Intrigued by the Recent Pullback in Aurora Mobile

Timothy Collins
Feb 26, 2021 3:30 PM EST

While the Chinese company is still not profitable, it is cash flow positive.

Nvidia's Decline Doesn't Make It a Buying Opportunity - Yet

Bruce Kamich
Feb 26, 2021 7:54 AM EST

NVDA has weakened despite great fundamental numbers.

Remember, This Ain't Noah's 'ARK,' It's Still Just a Leveraged Tech Fund

Timothy Collins
Feb 25, 2021 12:40 PM EST

Let's put ARKK in perspective with TQQQ and QQQ, as we get all the hype about Cathie Wood and the fund's 210% rise.

Here's My Technical View on Advanced Micro Devices

Bruce Kamich
Feb 25, 2021 11:00 AM EST

AMD's near-term price action troubles me.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 11:51 AM EST REAL MONEY

    Watch Bob Lang and Doug Kass Discuss Short-Selling!

    Bob Lang and Doug Kass with an engaging and educat...
  • 11:32 AM EST JAMES "REV SHARK" DEPORRE

    This Weekend on Real Money

    Navigating a Market Correction
  • 11:29 AM EST GARY BERMAN

    Where Does the Nasdaq Go From Here?

    Where does the Nasdaq Composite (CCMP) index go fr...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2021 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login