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Dead "Market Generals" Bounce Ends With A Bang

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“The generals are dead,” warned hedge fund CIO Eric Peters over the weekend, noting that "I suspected that regulation would be the death of the current market’s technology generals...I was right."

And while yesterday's panic-bid melt-up off the S&P 500's 200DMA briefly resurrected them, the 'market generals' are all plunging again today...

From worst to first, since Friday, Tesla is lagging, followed by FB and NVDA. GOOGL just gave up its 3.5% surge yesterday while AMZN and NFLX are tumbling hard, erasing yesterday's huge gains while AAPL and MSFT are best... but fading fast...

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As a reminder:

  • Amazon: 2018P non-GAAP EPS: $16.75; 2018 Adj. Net Income: $7.56BN; fwd P/E 189.9x

  • Netflix: 2018P non-GAAP EPS: $3.07; 2018P Adj. Net Income: $1.435BN; fwd P/E 116.4x

  • Google: 2018P non-GAAP EPS: $12.11; 2018P Adj. Net Income: $8.55BN, fwd P/E 27.3x

  • Facebook: 2018P non-GAAP EPS: $8.388; 2018 Adj. Net Income: $24.65$BN; fwd P/E 25.6x

  • Apple: 2018P non-GAAP EPS: $11.51; 2018P Adj. Net Income: $58.5BN, fwd P/E 15.5x

And that is crushing NASDAQ...

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And don't forget, techs are the top hedge fund holdings this quarter.

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