Well that was not nice. But not much changed.
More than half the market remains bearish. The less than half that has been leading, especially NASDAQ/NDX/SEMIS/GROWTH all pulled in. Blame was said to be on the administration that blocked the AVGO for QCOM deal…but we could care less. Those areas pulled in. That’s all.
Just realize our theme of ping pong remains in effect. We do not think the highs will be taken out and we do not think the lows will be taken out. (notwithstanding NASDAQ/NDX which were in new high ground) We will know a lot more how hot the leading areas pull back. So far, just one day.