Tech Get Shreked

in #hive-1679222 years ago

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Alright so I saw everyone talking trash about Mark Zuckerberg and Facebook and whatnot. I saw reverse-Cramer being upheld once again... apparently there's even a video of him admitting what a disaster it was?

Literally sounds like he was crying off-screen minutes before.

Just kidding he totally was crying

Haha wow. Down bad, friend?

Been in this business for 40 years and I did a bad job.

Oh man... listen to the people he's interacting with.
Trying to reign it in but he can't keep it together.
I'm trying to not be callous, but I seem to be struggling.

Complete meltdown.

Especially if you know what Cramer is like.
Just very high energy and seemingly optimistic.
Not today.

In any case...

When I actually looked at how much META/Facebook had lost I was shocked!

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WWWWHHHHHAAAAAAAAAT!

24.5% IN A DAY? LOL... WUT?!
That's full on crypto action right there.
That's no place for one of the world's biggest stocks.

Then there's Amazon.

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"Only" down 4% during trading hours, but after market it just craters!

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Another 20% drop of a huge stock... WILD!

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Again... down 10% over a couple days.

Pure insanity.

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Same story with Google

Down 13.5% over a few days, with a lot of action after hours.

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Gotta love Googling how Google is doing bad.

How's that for meta?

And then we see Bitcoin down 2.5% on a day that Tech gets absolutely crushed. 2.5% for Bitcoin is a Thursday. It's weird when the price doesn't move 2.5% or more for Bitcoin on any given day. Seems like a really good sign considering tech just got rampaged and Bitcoin is sitting there like, "Is that all?" Looks like the market is testing $20k right now for confirmation, so we'll see how that goes. In completely uncharted territory here now that we've broken out of the macro resistance.

It's important to realize that when stocks and even fiat currencies start trading in this volatile nature, the risk-on nature of Bitcoin becomes harder and harder to justify. If a top stock can crash 20% in a day, why are you not buying Bitcoin? This is the question many will ask themselves. Everyone knows it could take over a year before a company that just lost 20% overnight to make it back to breakeven. Meanwhile Bitcoin can go x10 over the same time period. As the legacy economy gets even more unstable and volatile, Bitcoin may be the only sensible option for a lot of people to park their value and ride out the storm.

And again, if you're bearish and want to wait for a lower price, that's totally fine too. Better to buy at $25k when the FED has finally officially reversed course than stress out every day that one last devastating blow is coming to wipe us all out. Let's not forget that the mythical doubling curve is basically at $50k right now. Any price around this level is an extreme discount. Doesn't really matter where. $25k?, $20k? $18k?, $14k? Doesn't really matter in the long term. DCA and call it good.

One big thing that I often forget to mention during these bouts of speculation is that Bitcoin already got massively deleveraged during the dump from $30k to $17k. UST crashing to zero hit us hard. 3 Arrows Capital imploding messed us up pretty good. The dozens of tiny exchanges that went under because of unsustainable yields didn't help either. But we've already been through the ringer, it's already happened. It can't happen again.

I mean sure, price can still go down from spot-dumping, but it can't implode from overleverage like it did four months ago. It will take a while for people to be brave enough to leverage up to their earholes again.

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A lot of this points to the same outcome:

DEFLATION

You know, that thing that everyone refuses to believe is happening because prices have been going up for the last year and whatnot. Again, this upcoming Black Friday, which is less than a month away now... is going to be a thing of legend. Honestly I may need to pull out a couple thousand dollars from RUNE or BTC to capitalize on how crazy the deals are going to be. Everyone is broke; prices can do nothing but go down because people can't afford to pay them. Retail will be forced to unload their warehouses simply because they are full. Couple that with the fact that many people can't even afford a regular discount, and that's when the extreme discounts start coming into play. Better to capitulate than end up with nothing at the end of the year.

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Conclusion

Tech stonks got absolutely shreked today. Yep, shreked, it's a real verb that people say! “It was known as the Gulag, if you failed, you were sent to the dungeons to work on Shrek.” Employees called it being "Shreked." It was so bad that Jim Cramer literally cried on live television. People say it was scripted but, his voice is literally cracking and his demeanor is that of a child that's just been rebuked. Great acting job if faking it!

Looks like I'm gonna get to buy that super cheap computer after all! As I've been saying for months now, inflation is only relevant to critically essential products like food and power. Tech toys are the first thing to go when people need to limit their budgets. Let the deflation begin!

It will be very interesting to see how the FED reacts to all of this. The next meeting is in a few days, after Halloween. Pretty good chance they continue ignoring all the warning signs but they are beginning to feel the pressure from outside influences. Will be interesting to see how this all plays out. Keep stacking.

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Luckily, crypto is the ultimate tech, and we can see even more decoupling from the market with legacy tech spiraling downward and crypto having a completely normal day. The risk-on narrative is coming to an end. Soon™ enough crypto will appear to be the only sensible asset to own. Don't pay attention to the CBDC/regulation FUD. Crypto stronk.

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Recession or not, the economy is slowing down. So is hiring. Once upon time MAMAA companies employed like crazy. But that ended during this year. Here is a nice overview on hiring situation:

Also there are lots of layoffs. So all of these experiments with economy will break the little guy's back. Layoffs overview can be seen here: https://layoffs.fyi/

Although some fields will be attractive in the near future, like AI. AI engineers, ML engineers and data researchers are still wanted.

And dangerous 😂only used for financing drugs and terrorists. 🤣🤣🤣

🤣🤣🤣


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BTC behaved like a blue chip lol.

Crypto is a fun of tech job on it own,it takes time to get to understand it

At least we can easily point this out to anyone still criticizing the crypto space for being too volatile

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Welcome to main stream media!

I saw that video on twitter today, but is that lunatic really crying?

well he's not an actor
so yes :D

My $1.5k cries in LUNA

I havent checked the inventory numbers of late but I sense they are still extremely elevated. For that reason, I think you are right, there is going to be a lot of deals offered come this holiday shopping season.

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"Oh man... listen to the people he's interacting with.
Trying to reign it in but he can't keep it together.
I'm trying to not be callous, but I seem to be struggling."

Big tech:

I say another bad 2 years for big tech and the stock market.

Can we start calling FAANG, MAANA now? Or maybe like, MANG?

Massive Beating for Tech Stocks

  • Damn this is an option traders wet dream
  • Massive volatility with predictable movement back towards the mean for quick trades.
  • Wow I may have made a mistake spending the last four years in crypto, if I had stayed in options I might be rich now :(
  • You should consider a video blog of your articles, they are entertaining and informative to read, but I think your audience would be larger as a short video blog

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It's a bloodbath out there. Meanwhile retail tech is also dropping like a stone. I just snagged a great deal on an interface setup for hour recording.

Looks like I'm gonna get to buy that super cheap computer after all!

I just upgraded my 9 year old i3 potato laptop with 16 gig of ram for cheap to run the new interface and it's zipping along. 😂👍🏼

Bring on the deflation. I'm up for a new computer too. My i7-6500u is freaking out when I'm trying to edit 4k videos. 🤦‍♂️😂👍🏼

Has Jim Cramer ever called anything right? He always seems to get it wrong and what kind of people would really listen to his advice? 🤯😂👍🏼