QQQs +2.3% with a massive reversal after being down 1.6% at one point. AI semis ripping as sentiment seems to have cemented its turn, especially after this week’s talks from MSFT CTO, AMZN AWS, ORCL’s Larry, GOOGL, Jensen today, and some positive M-sci cloud checks. Seems like everyone back on the AI train. AVGO now back above pre-print levels - an impt tea leaf for me. Lots of charts looking better as well.
China +1%; IWM +30bps lagged (hindsight trade was long QQQs / short IWMs which was the opposite when Trump won first debate). Fed expects shifted in a hawkish direction following CPI - the market is pricing in 29 bps worth of cuts in Sept and 105bps for the year.
Let’s get to it…
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