Down 30% in a day? That's right, Fitbit (FIT) just fell from $12 to $9, dropping $1Bn in market cap overnight as they missed revenues ($503.8M) by $3.13M (0.6%%) and guide their Q4 projections 25% lower than expectations. This isn't about FIT in particular, they are just the most recent disappointment this earnings season – this is about how a well-followed company, with 21 analysts on their case, who had an AVERAGE price target of $20.88, can fall from $30 to below $10 (66.6%) in a single year. This is more an indictment of a market that is unrealistically priced than it is of just FIT. I keep telling our Members not to mess around with companies that have dot-com level valuations of 100x or more of their earnings and FIT isn't even one of those, they will probably end up earning just under $1 for each of those now $9 shares – the reaction is simply an indication of how hollow the support is for any of these stocks – now that the smart money base has been removed – leaving only the sheeple and their tendency to stampede in overvalued posiitons that will SHOCK them at earnings. IN PROGRESS Provided courtesy of Phil's Stock World. To read the rest of this article now, along with Phil's live intra-day comments, live trading ideas, Phil's market calls, additional member comments, and other members-only features - Come to the winning side at Phil's Stock World by clicking here. To sign-up for a free trial membership, click here.