Two weeks ago, I issued a report to Peak Prosperity's premium subscribers, warning of an imminent downwards re-pricing of the FAANG stocks. I even made a rare recommendation for taking an active short position against them (one now up 18%).

That report proved quite timely. Over the past 10 days:

Netflix (NFLX) is down 10% after issuing disappointing subscriber growth and Q3 guidance

Facebook (FB) is down 20% after  delivering lower user and revenue numbers than the Street was expecting

Amazon (AMZN) is flat despite posting blowout Q2 EPS yesterday, offset by a revenue miss

Google/Alphabet (GOOGL) only managed a meager 3% rise after reporting earnings & revenue beats that were tempered by rising costs and a record $5 billion EU anti-trust fine

This sudden weakness among key FAANG members is extremely significant. Much more so than most investors realize.