What goes up...

[The beef 675] [I'm an image] “If it seems too good to be true, that's because it is.” - Jeff Hey there carnivores, The markets were down big on Thursday Today we’re talking about what happened. Keep raging, Jeff & Jason [Image] [I'm an image] Gains and losses Bah Gawd, that's the bear's music... The markets [erased]( Wednesday's gains in a big way yesterday, with the Nasdaq losing almost 5%, the Dow falling 2.8%, and the S&P dropping 3.5%. We were doing so well. The Dow and Nasdaq had their worst days [since June](, which is saying something. On the year, the Nasdaq, which has outperformed its colleagues as of late, remains up 28%. The Dow, on the other hand, finally got back in the black before the Thursday bloodbath. It’s back in negative territory on the year, but aren’t we all? Live by the tech, die by the tech What happened? [Tech]( happened. The sector has been on an absolute tear since March. And it looks like some investors (read: not your cousin who can't stop talking about the free AAPL share he got for opening a brokerage account) are taking profits or realizing maybe, just maybe, tech stocks are overbought. Not to mention tensions between the US and China continue to build and investors believe big tech will bear the brunt of the fallout. Apple fell 8% on the day, matching its worst decline since March 16th. Netflix, Amazon, and Facebook were all down around 4% on the day. Showing solidarity, I like that. Microsoft and Alphabet outdid themselves, falling 6.2% and 5.1%, respectively. As a whole, the sector saw its worst single-day loss since March. The bottom line... While tech took its lumps, shares of companies that have gotten the short end of the stick during COVID actually had a good day. Carnival advanced 5.2%. Macy’s popped nearly 8%. And Hertz... well, Hertz still sucks. It fell like 3.5% on the day. The markets as a whole felt the heat today, but they’ve had themselves quite a 2020. Since late March, the peak of the US COVID lockdown, the S&P and Dow are up more than 50%, while the Nasdaq is up more than 60%. So maybe one steep selloff isn't the end of the world. Unless it is. It’s 2020 after all. [Image] 96% Off Flash Sale! Jeff Bishop Releases His Next Highest-Conviction Trade Idea On Tuesday Morning* [Alternate text]( Test Drive Bullseye Trades For An Entire Month, For ONLY $1.25 Per Week [Join Now]( [I'm an image] ☑️Good job bad job. Jobless claims [dropped to 881k]( last week, less than the 950k analysts expected. So there's that. The number shows an improving labor market, but also has to do with a change in how the Labor Department looks at jobless claims. A massaging of the numbers, if you will... The Labor Department is trying to figure out a “true” jobless claims number outside of jobs lost due to coronavirus. Because people out of work because of COVID don't count, apparently? Continuing jobless claims did drop sharply, though and that’s a number that is apples to apples week over week. So at least 1.2M people got back to work. But there are still roughly 13.2M on the bench. ☑️Free(lon) fallin’ We all knew Tesla [couldn’t go up forever.]( Right, Robinhood traders? Tesla’s stock has dropped 16% this week, putting shares officially in correction territory. If you were smart, like me, you would have bought into Tesla right after it split its stock this week. Did I say smart? I meant not smart. We will see if “battery day” later this month turns things back around. ☑️Grower and a shower. The US trade deficit has officially [reached its highest level]( since the financial crisis of 2008. In July, America took in $63.6B more in goods and services than it put out. I never knew we were such a prude. In total, Uncle Sam imported $231.7B while only exporting $168.1B. Both were increases from June, though. Of course, we are still well below pre-pandemic activity. Cars represented the biggest increase in both exports and imports. Outgoing shipments of parts and engines increased by 46% from June while imports rose 41%. ☑️Quantum SPAC. Like JNCO’s in the 90s, SPACs have become how all the cool kids are going public these days. Bill Gates’ QuantumScape is the latest startup to pair up with a blank check company to bring its talents to the public market. The battery producer is launching with [a $3.3B valuation]( as it is set to trade on the NYSE. No word on if this is part of Billy G’s 5G/vaccine plot, but you can bet your a** that conspiracy theorists will find out. RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 DISCLAIMER: To more fully understand any Ragingbull.com, LLC ("RagingBull") subscription, website,application or other service ("Services"), please review our full disclaimer located at [(disclaimer. 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