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TMTB EOD
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TMTB EOD

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TMT Breakout
Oct 23, 2023
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TMTB EOD
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Good afternoon. We launched our TMTB chat for subscribers today – check it out on the on the web or on the Substack app.  Think of it like an IB Group Chat: we’ll be posting additional morning research/news we didn’t get to in our morning roundup, commentary/trade ideas for the day, and other interesting tidbits throughout the day and then again after the close.  We’ll also have an open thread every morning for anyone to post anything interesting they are looking at or that we missed – already a nice community in there helping each other out today. Hope to see you there!

Ok, let’s get to it:

Quite a day as QQQs were down 1% in early trading but rallied to finish up 30bps (was up 80bps at one point) as yields fell 4-6bps at the long end. Some pointed to Ackman’s tweet saying he’s out of his bond short as fuel for the Treasuries rally as the 10 year briefly popped their head above 5% then fell below.  Mega-cap outperformed as investors positioned themselves for upcoming reports from MSFT…

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