— have all fallen by double digits this month as sell-offs brought high-flying momentum names to a halt. For example, Amazon has 44 buy ratings but has fallen more than 12% this month.
Matt Maley, chief market strategist at Miller Tabak, does not see a pullback as deep as the dot-com bubble for these stocks. However, he does expect the group to fall further. "These stocks have just become ridiculously overbought, overloved, overowned and overvalued. They got to such extremes at the beginning of the month that they have to work off more than they have already, in my opinion, to really see the kind of bounce or kind of meaningful bottom that a lot of people are looking for," Maley told CNBC's "He expects these stocks to drop by 5% to 10% more before hitting bottom.
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BLACK FRIDAY
its easy to get swayed by day to day investment news. Get a long term investment strategy and sit it out come rain or sun. either value or growth investment, whichever you choose.
Amazon still has a Price-to-Earnings ratio of 116 which is absurd.
4th Q not looking good?
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