NVIDIA announces stopping the driver-less car crap for now. This leading stock drop $19. More trouble with FACEBOOK…that did not help. FACEBOOK trouble leads to TWITTER and GOOGLE smacked. TESLA continues to implode because when markets go on defensive, big money losers get clipped. Also, someone put out report saying they will be bankrupt. All this knocked all tech for a loop. Big leaders mauled. When the DOW was up 200, the NASDAQ was flat so something was up. When the DOW came in, it was bye bye.
We still have two days of month-end here so maybe they can bounce this. Futures were way down overnight but DOW now up 100 and NASDAQ bouncing…but don’t blink. Long term support is just underneath and NEEDS TO HOLD.
As far as Facebook, we are learning they are like the NSA…sticking their nose into everything. We are finding out they are logging calls and texts. What the hell is with that? Facebook has lied to the zillions of people that are on their platform. There is video of Zuckerberg telling the world they would never sell our stuff. As far as transparency, there isn’t any. It’s like you wake up in the middle of the night because your dogs barked. You turn on the tv. Every channel is an infomercial telling you to take a pill and lose 100 pounds or take a pill and your hair on your head will grow back. But at the bottom in small letters hardly readable, it says “RESULTS NOT TYPICAL” meaning it does not work. There is then a paragraph underneath with all kinds of disclaimers that is so small, Superman could not read it. That is Facebook. Try checking out their privacy settings. Einstein couldn’t understand it. On top of that, you are automatically opted into everything but takes an act of God to opt out. And even after you opt out, they keep all your stuff. Is it any wonder they are in the cross hairs now? Just have full and fair disclosure. Is that asking too much? No one ever complains when they know what they are getting but Facebook, in our humble opinion, went over the top. No doubt there will be changes on privacy, transparency and ease of use.