My trading times are changing for the rest of the summer - sort of. I’m going to be in Europe for several weeks, and I must say, I really enjoy having my mornings and early afternoons to do as I please before I get down to business going into the opening bell.
But those of you that have traded with me long enough know that I do the majority of my trading around the closing bell, which means I have to stay up much later than usual to take my bread-and-butter setups.
Honestly, I don’t mind it at all. Nothing is free in life, and especially markets, and I think it’s a totally fair tradeoff.
But today, I want to review who could actually be the winner of this Great Tech Reset I’ve been talking about…
Don’t Write Off the Magnificent Seven Just Yet
The earnings this past week in the tech space were no joke. Both Meta (META) and Microsoft (MSFT) absolutely blew it out of the water and soared. Fortunately for TheoTrade members, we’ve been long Microsoft for months in the live room. It’s actually getting very close to our upside price target.
But right now, my focus is on three other components of the Magnificent Seven. They include Apple (AAPL), Tesla (TSLA), and Nvidia (NVDA).
Apple and Tesla are on my radar because they have been the real laggards within these market-driving stocks. I’m very keen on a rotation into these two names in order to help expand market breadth and participation further.
Then, of course, there’s Nvidia. This is the stock that has largely defined the whole AI arms race. Its earnings report is on August 27, and if we see even half the reaction we did for stocks like MSFT and META, it could add but further fuel for this rally.
Let me put it this way: This market’s not rolling over as long as Nvidia continues doing its thing. And it keeps making new all-time highs.
As always, I will keep you posted on this Great Tech Reset.
Gianni Di Poce