It’s Time To Short META
Now there’s a title that doesn’t leave much to the imagination.
As I am typing this, the /NQ futures are up nearly 100 points (on the heels of a multi-hundred point rise yesterday), yet META is actually down somewhat. That is not the sole basis for my idea, however (obviously!) This is what cinched it for me:
(Click on image to enlarge)
The chart above represents META divided by QQQ. In other words, the relative strength of Mark’s company. Judging the chart on its own, it is insanely and unapologetically bearish.
Focusing on META itself, shown below, my view is that we’ve stalled out at the horizontal line. I have acquired January $310 puts at $31.90.
(Click on image to enlarge)
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