As we write this:
TESLA target lowered by CITI…who has been bearish and wrong for a long time on the stock…but it is still down $13 to the 50 day average. We shall see if it holds.
SEMIS bouncing…they are oversold after recent smack down.
OIL lower…better action last week but we still say avoid.
The boys own a ton if the TECH/INTERNET/SEMIS and all that stuff. Just remember that. Bounces will happen from oversold conditions. The NASDAQ/NDX-types are now deeply oversold. Be prepared.
Earnings start up next week.
It is 730 am here in London. Happy almost July 4th.
Half day trading today. Still don’t know why they do half days. How about just 2 days off? Friday’s cose was weird…a big rally and a big dump. We suspect the boys will try to get that drop back at the open today. We will have a bigger report over July 4th but will leave you with this:
The boys own a ton of the NDX so gather they are going to do their best to stave off more damage. The NASDAQ sits on the 50 day with the NDX just below. Watching 142 AAPL. Watching the 5o day on AMZN. That’s just for starters. Others in bigger trouble…as the SOX acting terrible. Goal line stand needed for NASDAQ.
HAVE A GREAT HOLIDAY!