TMTB EOD Wrap

Good afternoon. The see-saw continues on another headline driven day on light volume. Market rallied all day after the initial -2% start following Trump’s speech and some better news on the margins around Straight of Hormuz (Iran deciding to charge tolls), although Oil didn’t budge finishing up +11.5%. Some could say sentiment shifted from “don’t want to be long into the weekend” to “don’t get caught short into the weekend.” Still, we don’t think there is too much to read into the action today — we’re still below 20d/200d on the QQQs and just where we were at yesterday. However, some individual charts are looking better like they want to lead us higher — for example, LITE making ATHs today. MRVL new 52wk highs. AMD chart looking better. NVDA acting like we would want it to and chart playing out our preferred scenario. SNDK/HDDs look good popping above short-term MAs. U continues to rally post their earnings beat. INTC above $50 again. Large cap internet in general acting better.