Since Fed’s Tarullo uttered those ugly words that “valuations are stretched,” US growthy momentum stocks have been hammered. The rally of the last few days was met with exuberant BTFWWIII proclamations from various talking-heads as all the problems in the world were fixed and leveraged long high-beta was once again the no-miss trade du jour… until today…
It appears investors – for once – are seeing through channel-stuffed iPhone sales and non-GAAP Facebook magical operating income as ‘real’ growth is sorely lacking…
via Zero Hedge http://ift.tt/1lOLIeM Tyler Durden