Headline last January: Hedge Fund Shorting Of Tech Stocks Hits Record High
At the time I was hyper-bullish tech, stating, “It’s almost impossible to imagine a more bullish headline for tech.”
Headline last week: Nasdaq set for best year since dot-com era
It speaks for itself.
Optimism for a new year ahead resulted in stocks dropping during the usual post-Christmas rally period and first market day of 2024.
Could be another clear sign the past year’s mania has, or soon will, run its course, particularly in big tech:.
January 02, 2024:
I’m adding a 2nd levered short in big tech via FNGD.
No stop on this position.
It closed today at $6.26
If tech manages to turn higher, even into the black for 2024, I’ll eventually be much more likely to consider shorting much much more rather than closing FNGD at a loss.
At the end of every major mania there’s a major collapse, and it won’t be different this time.
When, not if, that happens, I expect FNGD to double or triple.
The only question is “from what price?”.
We’ll probably find out this year.
More recent headlines:
London gold price breaks all-time record as year draws to a close
First Costco, Now Walmart? Major Retailers Now Offer Gold Bars
"Spiraling Out Of Control": The U.S. Debt Crisis Goes Parabolic
Bills Filed in Oklahoma and Missouri Would Eliminate Capital Gains Tax on the Sale of Gold and Silver
US Beer Industry Faces "Five-Alarm Fire" As Sales Plunge To 25-Year Low
Tesla created secret team to suppress thousands of driving range complaints
Reuters Investigation: Tesla blamed drivers for failures of parts it long knew were defective
Wheels falling off cars at speed. Suspensions collapsing on brand-new vehicles. Axles breaking under acceleration. Tens of thousands of customers told Tesla about a host of part failures on low-mileage cars. The automaker sought to blame drivers for vehicle ‘abuse,’ but Tesla documents show it had tracked the chronic ‘flaws’ and ‘failures’ for years.
Rolls-Royce in talks to build nuclear power plants in Ukraine
Swedish government coalition announces a goal of two large scale nuclear reactors by 2035 and the need for new nuclear equal to 10 large scale reactors by 2045.
Spain joins Germany and calls it quits on nuclear energy, will they come to regret it?
Yes.
How the federal government has milked the Canadian cannabis business almost to death
Due to highly discriminatory taxation, “almost” to death. Bullish?
Beijing Imposes Export Controls On Rare-Earth Processing Tech As Mineral War With US Heats Up
IEA Raises Its 2024 Oil Demand Growth Forecast
America’s Oldest Gun Maker To Shut Down New York Facility
In 2021, Remington announced plans to move the company’s headquarters to Georgia. The letter mentions that Remington has “found an environment in Georgia that supports and welcomes the firearms industry.”
The layoffs will take place between March 4 and March 18.
Remington is the oldest gun maker in the United States. Founded in Ilion, New York, the company has been manufacturing firearms in the village since 1816. Several generations of families have worked at the plant.