Good afternoon. Strong day with good breadth in tech as the QQQs finished up 1.13%, SOX up 1.4% and ARKK up 2%. Crude finished dn 1%. Treasuries saw selling pressure throughout the day with yields climbing 4-10bps across the curve but the dollar sank 40bps giving back some of the move from late last week. BTC is trying to follow gold last week up 4.5% today.
Better price action in tech than we saw last week which puts a bit of a dent into our short call from this weekend. Like we said yesterday, seasonality and flows are both in favor of the bulls, which doesn’t make it easy to be short. However, we’ll stick with our call until the QQQs cross 373/274 or the leaders we called out yesterday close above resistance levels we marked on the charts (see our weekly for more details) – so far, still below but we’ll be ready to take our L and move on if we see further strength.
Ok, let’s get to TMT:
SNAP was the big story today as 2024 Revenue, EBITDA, and ad growth/engagement targets were leake…
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