Which funds are going to play the game into earnings?
While the others start unloading in advance, knowing the scam is long in the tooth, macro data again turning for the worse (and it was only beating absurdly lowered expectations in any event), Europe deposit confiscation will continue (where Amazon has almost half of its cash... despite the fact that its current ratio is barely above one...).
A tail risk waiting to happen. But, surely playing games on low volumes knowing that there is no real support for this scam is a good idea. CapWorld and a few Quants have run the AAPLtrage in triple time the past few days, but being short AAPL into earnings will not be a good idea (short interest high, valuation low), so folks are going to start covering and need to raise cash from somewhere.... I cannot imagine that a $120B company that earns nothing with almost no net cash but half of what it has tied up in Europe is a good place to look...
With all this amazing volume, it is clear that Amazon and the market are going to hold these levels in Q2... The first stage of low volume was everything levitating (except AAPL and less tightly controlled float stocks). The next stage, the Fed's $85B will not be enough to offset selling. They will fall and the self reinforcing #$%$ that brought this to insane valuations will take it down much lower than anyone currently thinks possible.