TMTB EOD Wrap

Happy Friday and happy end of earnings season (oh wait, ORCL/ADBE next week…I guess it never really ends!) Writing this a little early today so prices might be a little off…

QQQs finished down 1.1%+ as momentum is rolling over after starting off the day strong (mo = AI trade), with particular weakness from the big semis as SOX -3%. BTC +2% didn’t mind closing at all-time highs. A bit of reversal from large cap as META/AMZN/NVDA/AMD finished the day dn while AAPL/GOOGL (two laggards) finished in the green. Interestingly, TSLA -1.5% another laggard closed the day down, which points to a v weak stock. We mentioned yesterday how TSLA’s valuation premium has been supported by retail support, but that has been shifting increasingly towards AI-exposed names which leaves it susceptible to a normalization.

Let’s get to it…