SPX 3381.34. After 4 days above 3500, we fell hard for 4 days.
The morning saw a collapse in TSLA and AAPL on negative news and post-split liquidation. Negative articles came out about both companies. As predictable, the analysts who loved TSLA at 500 hate it at 320. Those analysts are good? Lol
The stock has fallen from a post split price of $538.75 to $330.21 yesterday. This was a 21% drop yesterday alone. AAPL fell from a post split high of 138.55 to close yesterday at $112.82.This was too much for the market to take as other negative news about the elections and economy trickled in. Make no mistake about it though, this was mostly two over bought stocks getting realigned.
I have been saying for weeks they were overdone. In last week's Wednesday night POT class, I even brought up the two charts of TSLA and AAPL and said “this is scary”.
The simple fact is during the rally off the bottom, people didn't know what names to buy, so everyone jumped in a few names like AAPL, TSLA, AMZN.
The day closed with the Dow down 632 points (-2.25%), SPX down 2.8%, or -95 points, and the NASDAQ -4.8%, or 553 points.