An average of the FANG stocks tells an interesting story and serves nicely as a bellwether of market sentiment and investor's appetite for speculation. These stocks on average are trading very high price relative to forward earnings. Recent selling action suggest the market is beginning to doubt that these high flying stocks can live up to the expectations for future growth.
Technically it failed this month to reach the previous highs of last year. It's broken the lower trend line and rapidly approaching the 200 day average. From here another 5% dropto the lower trend line seems likely