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How Soon We Forget

|About: FedEx Corporation (FDX), MU, TSLA, ROKU, BA
Summary

Garbage companies FDX, BA, MU, ROKU, TSLA.

Absurd price action and valuation.

If the economy strengthens, the Fed will act.

FDX has a broken business model, atrocious earnings and forward guidance out at last 18-24 months.

BA actually murdered passengers for the sake of profits - yes, senior management side-stepped safety protocols for the sake of boosting production on the Max 737 and then used the FAA like a rubber stamp.

MU posted 2 atrocious quarters of earnings and its striking that just as it's stock appeared poised to correct beginning yesterday, an analyst upgrades a chip manufacturer with horrible fundamentals and the highest valuation of all in the space.

ROKU still can't make money - and guess what, it never will be able to

TSLA now has a valuation which is almost equal that of General Motors & Ford COMBINED.  TSLA labored to produce 367,000 money losing vehicles whereas GM & Ford combined to product more than 15,000,000.  TSLA lost nearly $1bln heading into Q4 while GM & Ford made more than $11bln.

Being an institutional derivative trader I get it - but stupid has always been stupid and absurd has always been absurd.  Perhaps painful at times, but I believe what we're seeing in these 5 names will be pointed to 1 month from now as the icing on the cake. The price action and analyst recommendations on these companies is abhorrent AT BEST.

I have no positions in any of these companies, nor do I plan to initiate any positions in any of these companies.  They simply stand out, and represent everything that is wrong, corrupt & possibly criminal about the US equity market.

Lastly, the Fed.  If it wasn't before, the Fed became a laughing stock in December 2018 for what it did, then clarified, then reversed, then clarified. If the economic outlook is so bright, why cut rates 3 times and why would Powell outright lie to the world stating they didn't initiate QE4 - when in fact that's precisely what they did.  The Fed expanded its balance sheet with asset purchases at an alarming rate; one factor, a fixed income repo market which nearly caused another financial crisis.  But with economic strength, should come rate increases. And when the Fed isn't able to see one month out clearly as they demonstrated in December 2018, they sure as heck have ZERO clarity when it comes to 12 months down the road when Powell categorically stated they would remain on the sidelines in 2020.  Either Powell is the new Bernie Sanders with a get out of jail free card, or the Fed gave themselves a Congressionally unapproved 3rd mandate of PIMPING equity markets no better than "high caliber PMs" who book talk on CNBC.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.