The momentum stock slaughter that began on March 6th never actually stopped, despite a bounce in April.
Today’s disastrous action in Twitter, Amazon, Yelp and Pandora is yet another reminder that the growth guys are sick of being long “promise” and the value guys have no interest in adopting these orphaned dot coms until valuations get much lower.
NASDAQ: AMZN 297.38-12.67 (-4.09%)
NYSE: TWTR 31.99-6.76 (-17.44%)
NYSE: YELP 52.13-8.06 (-13.39%)
Pandora Media Inc
NYSE: P 22.52-2.21 (-8.94%)
In between the waning appetites of growth managers and the standoffishness of the value funds, there is an air pocket.
You’re standing in it.