Market 2017-11-29 (QQQ, Bitcoin, and more)

The selloff in Tech is ugly today --- started early and stayed weak for the whole day. FAANG: NFLX -5.6%, FB -4%, AMZN -2.8%, GOOG -2.3%, AAPL -2.1%. Other hot names: SQ -8%, WDC -6.8%, NVDA -6.8%, MU -8.7%, BABA -3.2%, and so on.

However, Dow Jones Index manages to finish @ new record +0.44% to 23,940, benefited from Financials, Retailers and Airlines.

Bitcoin jumped to $11432.67 (all-time high) before retreating back to below $10k ($9880 now). The chart below is quite scary.


Winners

Retailers are red hot these days. Even Cramer, a long time retailer bear, wants to buy M (Mad Money yesterday). M +8.2%, TGT +9%, JWN +7.2%, UA +5.8%, GPS +5%, GNC +7%, RAD +14.3% ...

Airlines finally feel the holiday as well, UAL +3.2%, HA +5%, DAL +3%, LUV +4.8%, ALK +2.7%.

Banks continue their run from yesterday, BAC +2.3%, JPM +2.2%, C +1.8%, WFC +1.8%.

CMG +5.6%, search for new CEO.

DIS +1.8%, their new movie COCO is well received. ESPN will layoff more. 7.7% Dividend increase to 1.6% yield.

Also Hospitals and Healthcare insurers are winners today.


Losers

Broad selloff in Tech. QQQ -1.7%. QQQ have a good year so far. I think a lot of selling is profit-taking and Sector Rotation.

XNET -31.3%, typical pump and dump

My Trades Today

Sold UAL @ $62, lock-in 8% profit.

Exit NKE @ $60.4, due to intense competition from Adidas, New Balance, UA and others. I will enter again if it drops below $54.

Sold 30% M @ $24. Finally I am able to lower the weight to 5% in portfolio.

Bought Facebook @ $174.5, as I have mentioned before, FB is my favorite among FAANG. I start to build my position today.

Bought WDC @ $81.3.

Day-trade SQ from $37.6 to $39.4. I think the valuation is still too rich, will feel more comfortable to enter below $30 if it is possible.

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