The longer I am in the markets the more disgusted about the stupidity of the morons trading and investing out there I am. Recently, the markets were weak and it seems they are rolling over, but the overall narrative from the media was that “investors were selling awaiting big tech earnings.” Or similar nonsensical crap.
So, if we accept this imbecilic view, the investors were selling afraid of their own shadow. They were selling tech companies (Google among them) because they were afraid that the companies may miss their earnings. If you think that this is stupid and the media usually tell us nonsense that we cannot believe at all, since they are these click baits only, and they usually are, this time I would give them some credibility.
Why? Well, look what happened to Netflix recently. Idiocracy in the making. Netflix posted better-than-expected results pretty much in every aspect that usually matters, like free cash flow, but missed EPS by some insignificant number. The stock sold off by 10% after hours. Then these imbeciles realized (maybe) that they were morons, and start buying the stock back. Before the morning open, the stock was losing only a mere 3%.
And today, we have seen a similar stupidity. Google was on sale. Everybody was dumping the stock. After hours, the company reported earnings and beat expectations. At some point, the stock went up by more than 4% from a losing 2% at the close. So a 6% run AH. Idiots were selling low and now buying high.
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