TMTB EOD Wrap

QQQs were close to a heroic close near flat after being doing 2% before they got hit with a Trump Cooking Oil tweet at 3:30pm, finishing the day down close to 70bps:

The market rallied intraday as Powell made some dovish remarks, although it wasn’t terribly incremental, but endorse 50bps of incremental rate cuts this year and said QT might soon come to an end. US Trade Rep Greer also sounded confident that China/US would be able to hash out differences.

In Tech semis led the way down as AI names were noticeably weaker. Non-profitable/highly shorted names outperformed while momentum was down. US Megacap cap vs. Non profitable Tech down another 4% today and now down 15% MTD — shows how large cap (especially in Internet where the narratives are facing some headwinds over the last few weeks) has been used as a source of funds recently:

Let’s get to it…

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