Sell sell sell.
Cramer said "not buy" at least until the Alibaba panic is over. I would wait until a retest of mid $90s, which should come soon.
In 1901, there was a corner in shares of Northern Securities. This caused most other securities to be dumped in order to cover shorts in N.S. or go long. The market plunged, except for NorthernSecurities.
Now, it appears that many stocks will be sold to buy Alibaba, especially those in similar sectors. Amazon & Netflix are at the epicenter of the selling.
Seeing the Alibaba effect. Baba vacuums money out of all the Momos--flix, Amazon, Ulta everything. Like the "Rich Man's Panic" of 1901--Northern Securities (NS) went up, nearly everything else fell as stocks were sold to buy or cover shorts in NS.
This week could be the test--lots of AMZN shares could be sold to buy lower PE new issue BABA. $220 I doubt, but $290 Amazon seems possible soon.
In 1901, a squeeze in one stock brought down the entire market. Northern Securities was cornered, driving the price greatly higher. The squeeze led to a huge selloff in almost every other stock, as they were sold to buy or cover Northern Security positions.
This week, Alibaba goes public in a huge new issue. Jim Cramer himself says this could cause a retreat in the market, as most stocks are sold in order to establish positions in Alibaba.
TBT call option buyers did well though :)
Ag not going away. Eating is #1 priority. Company is deeply undervalued at $288 million.
Your record is intact skii--up almost a $1 since you posted this. PKI may be repeating.
1.Alibaba new issue is a big success=gobs of money comes out of Amazon shares to buy baba. Zon shares drop precipitously.
2. Alibaba new issue fails (like FB did a few years ago). Amazon stock dragged down with baba--PE barely below 1000 leaves no room for any bad news.
No--don't you get it? Amazon is now an office building developer. LOL!
At least the Apple "hole in the ground"--the huge flying saucer HQ being built in Cupertino--is backed by massive profits & cash hoard. Did Amazon have to borrow to build these buildings? I have no idea. Anyone know? Maybe it will work out.
lots of action on the Amazon board.
Don't assume that the "big money" will always support the market. When they conclude the profits are greater on the downside, they will go short. We could be at that point in time, the inflection point.