Looking back on the FAANG trade and how far it's crashed

With all the recent bearishness in markets, the crash of regional banks, the carnage in Treasuries, I had a thought: what ever happened to FAANG?

My initial impulse was that FAANG, like many other stocks, would be hit especially hard.

The poster child of the epic bull run we saw several years ago - the modern tech run - the hype that caught the world's attention.

To my surprise, as you'll see in the chart above, the trend over the long-term is still ridiculously strong. Pay close attention to how these stocks performed since 2013. In addition, they are all larger today, by many multiples, with piles of cash on the balance sheet.

I don't have a say on where this basket of stocks will go next, but I walk away wondering just how worried the market really is about a prolonged bear market. I would have expected this basket to be down even more than it is now.

Yes, it has retraced to multi-year lows, trading at levels from 2019 and 2020, but considering the carnage in markets, this is actually holding up decently.

What's my trade?

I drew some levels. I'll wait for it to come back to previous support. But if it breaks, I'm out for good and the bear market could have a long way to go.

This is high up on my watchlist for market sentiment.