In your video today, you mentioned that the IPOs were not falling apart. What percent declines would we see in the recent IPOs like JMIA & ZM that would indicate to you that this may be a serious decline?

A:

Seeing the biggest-gaining recent new issues come off 20% or more would be an indication that the speculative sentiment has been damaged. This could be expected to also impact some of the appetite for the speculative growth-stock glamours in which we prefer to traffic.

Many a market has this happen and is not adversely affected by it. Remember that the market does not absolutely need the growth sector to lead or even participate in a bull as long as money rotates into the other two prominent broad sectors: value/cyclical and defensive.