TMTB EOD

QQQ ST bottom, META outperforms, AMZN roundtrips on weaker AWS data, GOOGL Ackman buys, Semis shake off MU weakness

Good afternoon. We mentioned in our EOD note yesterday that it felt like we had put in a short-term bottom, and today we had decent follow through in the QQQs up 85bps to back that up.  The QQQs also undercut the low from August and rallied to close above it today, which supports my view of a short term bottom as we head into a slightly more favorable time of the year in Oct:

As we mentioned yesterday, we continue to think any rally will not be imemdiately a v-shape to new highs and October will likely be choppy as we head into earnings season.  Not taking into account the macro for moment -- the fact that some of the large cap names like AMZN, NFLX, and AAPL all have some sort of controversy heading into the q makes me think we won’t have a straight rally up into earnings season as we’ve seen in the past where expectations of a set of strong large cap tech earnings have led to a strong rally leading up to the start of earnings. 

Spoos finished up 60bps as news of UAW talks making progr…