FANG could be leading the market

It does seem useful watching FB, AMZN, AAPL, MSFT and GOOGL for market direction. Yesterday they were weak and today they are all down mid-morning. While the losses are at most –1.6% or so, they do suggest weakness in other recent leaders could be the start of something. For example, WDAY –3%, OKTA –3.46%, NOW –2%, CVNA –3.8%, and ZM –5%: I am watching these highly valued names carefully as the currently priced-in assumption of immediate economic recovery and massive growth seems euphoric. While SHOP is only –1.5%, the way it started up and fell sharply mid-morning is interesting. Because a lot of names have stalled these past weeks a small change in direction could be important. Still, it is very annoying trading in an environment of such disconnect and inefficiency so exposures must be tiny.