TMTB EOD

QQQs made up a good chunk of the ground it lost yesterday finishing up 1.2%. ARKK and semis outperformed up 2.5% and 2.7% (the latter helped by MU’s stellar report). Yields rose 2-5bps across the curve. Strength all around as highly shorted/mid cap/yield sensitive names outperformed large cap despite a rise in yields. Chinese internet was also up 3.5% (we continue to like the China trade given lower rates, investors moving out the risk curve and China still a laggard, recent commodity strength, and historical relationship with ARKK that has room to catch up. We like BIDU and BABA as ways to play it). We’re sitting in “wait and see” mode as we are taking the rest of the year off and we’ll re-evaluate in the new year, but individual price action across TMT continues to be strong and constructive. Slow news day so fairly quick recap today…

In internet, CHWY continue its rise up another 7% while housing names were strong: RDFN +4%, OPEN +4.5%, W +5% and Z +3.3% (ISI had a note raising Z…