The problem with many tech stocks is that you can't map out a bottom on an traditional value metrics. When there are no earnings, there's no P/E.
The market doesn't care about revenue growth anymore or total addressable market.
So it's tough to step in.
What I've noticed in the past few days is that the real bulls on tech are losing faith. There's a resignation that the pandemic bubble was indeed a speculative bubble. That the companies aren't such great companies and that Cathie Wood isn't a prophet.
Obviously, some people have been saying that for awhile but now it's broadly understood.
What scares me a bit is that Tesla is still above $800, which is $100 above the Feb low. Bitcoin has had a rough ride but $32,500 isn't exactly a painful washout. If those crack, it could still be a long way down.
