Good afternoon. QQQs +1% as semis continued their outperformance from yesterday and software underperformed (again!) post WDAY and INTU prints. IGV underperformance vs semis now close to 40% YTD, just a massive gap, but sw seasonality gets better in June/July and it might be time to be selective in certain names. With expectations so low across sw, if any reports go right in sw next couple of weeks, likely to see a decent pop on those names — just check out MNDY +35% post-earnings last week. Despite yesterday’s sell-off, I continue to see follow-through post-earnings (NVDA) and post-good news (FSLR up close to 40% post UBS note early this week as everyone hopping on board Solar AI beneficiary train - things move quick!) that support a continued move higher in the indexes. More on that this weekend. BTC +2% as yields ticked lower.
Have a great long weekend!
Let’s get to it…
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