As we were pre-taping radio yesterday and telling everyone we thought another A LOW was put in yesterday, AMAT, JWN and NVDA reported earnings. May we say that was three giant matzoh balls. The A LOW call is still in tact but markets, especially SEMIS and TECH not going to help the cause. That was some ugly out of NVDA and AMAT.
So nothing changes except that rally in SEMIS yesterday is coming right back down…and with just about everything still trading below the 200 day average, we would continue to just sit back and put the feet up. Going to be quite interesting to see if SEMIS/TECH can rebound some off the open today.
A few other notes:
NATURAL GAS (UNG) trading like a penny stock.
ENERGY remains waaaaay extended to the downside and due to bounce but trend down.
Sick to my stomach that a certain network brought on another BITCOIN genius yesterday. Guess what he said. In case you did not know, the scum came out with over 2400 different coins in past couple of years, with many gone and most down in the 90s. As we stated since the frenzy last December, this was going to turn to dust as there is no economic value behind this nonsense.