Good afternoon. QQQs finished dn 30bps closing right above the 20d — as we wrote in our weekly, we’ve been in high alert mode short-term, which means we’ve pulled back net exposure, but are getting closer to “wait and see" after today (not yet), which means a more neutral posture (medium-term we continue to think pullbacks are buyable). A very tough market to call short-term in our view as the tea leaves underneath the surface are mixed: You have things like GOOGL AMZN MSFT acting very well, but semis (which have been the leaders) weaker as of late (closing right at the 20d — hasn’t been below since early Jan.) with further weakness in NVDA/AMD today (AMD below 20d), weakness post-EPS in MRVL/AVGO, weakness across software (both in stocks and EPS reactions), growthier stocks like RBLX CVNA RIVN LYFT not acting well on good news, BTC rolling over a bit today, some pockets of extreme weakness like EVs etc. The macro narrative is getting worse at the margins with weaker unemployment …
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