Persistent Selling, You Worried Yet?
Strong selling early in the session before tech rebounded and sent the NASDAQ closing slightly higher on the day. However, all signs are pointing to the selling not being over. Here's what to look for the rest of the week…
Partial Selloff In Tech, S&P 500 Nears Correction Territory
Another Selloff The stock market declined again on Friday as it fell through the technically important 50 day moving average. As you can see from the chart below, the streak of trading days above the 50 day moving average ended at 103. This was one of the highest streaks in the past 13 years. Obviously,…
Spending Only Down Because Of Labor Day Holiday
Consumer Spending Rolling Over? Some think the consumer is doing fine. Only the data points that don’t adjust for the Labor Day holiday show recent weakness. Seasonal adjustments need to be made or you will be caught missing the obvious. We’re just trying to note the trends, not focus on small moves each week. As…
Volatility Perplexes the Markets
Where's the vol pump?--No aggression in the selling...--bottom? we ain't home yet, according to vol we have not left the station.--you need to feel the fear Risk Assets continue to stagnate--Bonds--utilities--gold--dollar Monsters of Tech!7.7*AAPL+.3*AMZN+3.4*FB+.63*GOOGL+4.4*MSFT reiterating last weeks warning...--do not buy the dip! Election risk fades in Nov and builds in Dec and Jan Position UpdatesLULU…
Tech Underperforms, But It’s Still In A Bubble
Modest Thursday Selloff On Thursday morning, the futures market looked grim as the S&P 500 was down over 2%. Investors didn’t understand what catalyzed that decline, and didn’t think the Fed was hawkish at all like some said. Sure enough, the S&P 500 bounced back in the futures session and closed down 0.84% in the…
Jobless Claims Fall Sharply
Very Good Jobless Claims Report The jobless claims report was very good which is a great sign because we’ve recently seen some weak data. Also, we need people to leave continuing claims before their benefits run out. Furthermore, this was the survey week for the BLS report. We haven’t seen a decline in COVID-19 cases…
Tech Stocks Peer over Edge of the Cliff
If tech stocks are to fall, it will likely be from here. Join Corey for tonight's important update video as he walks you through the critical - and now failing - support levels in the NASDAQ, QQQ, and leading tech stocks such as AAPL, FB, and other key stocks in play…
Snowflake Spikes, But The Nasdaq Falls
Snowflake IPO One of the biggest stories on Wednesday was the Snowflake IPO which spiked beyond the wildest imaginations. This IPO was like feeding meat to an alligator because of its industry, growth rate, net retention rate, and successful CEO. The stock peaked at $319 even though the IPO price was only $120. That’s nearly…
Fed Says It Won’t Raise Rates Through 2023
No Rate Hike & Dovish Guidance As expected, the Fed didn’t raise rates on Wednesday. Furthermore, as you can see from the chart below, guidance calls for no rate hikes through 2023. Just 3 members see hikes in that year, but that doesn’t mean much. Technically, we could have a new chair by then, but…
Monsters of Tech Under Pressure Again
Monsters of Tech lead the overall markets lower despite the Fed signaling rates will remain low for a long period of time. With the markets at a key level, what's next?