MARKET NOTES
Second real bad day yesterday for NASDAQ-types in past 2 weeks.
The last time, the next day after the vicious drop, the NASDAQ reversed up.
This time, most all technology names did not go back to highs and now fall hard. Some worse than others. Nevertheless, looks to be decent tops at the very least for now. One could suggest it was way overdue.
Again, does not have to turn into disaster but we must make note these areas are about as over-owned, over-loved and over-leveraged as we have seen in a while. In other words, a very one-sided trade.
The biggies have major, major influence on the indices. You know the names. TSLA, MSFT and NFLX have reported. (not good reactions) AMZN, AAPL, GOOGL, FB have not,
It will be easier for us to isolate the big strength if weakness continues as they will hold up best and stick out like sore thumbs.
The rest of the market now outperforming. The RUSSELL was up yesterday. The FINANCIALS were up yesterday. OIL was up yesterday. “Boring” low-beta names held up much, much better than TECH. HOSUING and HOUSING-RELATED names have been strong. The DOW/S&P are currently down less than half of the NASDAQ pre-market this morning.
GOLD and SILVER remain strong…just extended.
Thank you Gary. I feel your sentiment on Technology. I put $6,900 on the NASDAQ two months ago and it turned into $13,100 as of now. I don’t want to give it back. Of course as you say I could be a pig and want more. But after listening to you I rather keep the winnings that give it back to the house. The way I always felt was that I’m mo scared to loose than make more money. I don’t have your expertise so I relay on your comments and gut feeling. Thank y’all for being the voice of reason.
G man. Was only Monday rtx 61.00. And you claimed was a laggard. Oh well. At 57.77 eye eye eye i should of listened , still going to try to beat ,not giving up