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Is It Time to Short Meta?

ByTim Knight
Published 08/30/2023, 02:54 PM

Now there’s a title that doesn’t leave much to the imagination.

As I am typing this, the Nasdaq 100 Futures are up nearly 100 points (on the heels of a multi-hundred point rise yesterday), yet META (NASDAQ:META) is actually down somewhat. That is not the sole basis for my idea, however (obviously!) This is what cinched it for me:Meta Divided by QQQThe chart above represents META divided by Invesco QQQ Trust (NASDAQ: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.Meta Monthly Chart

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