TMTB Weekly

Happy Sunday. Lots to get to this week as we head into the busiest week of earnings. We’ll touch briefly on the macro and some quick tech thoughts, then dive straight into previews. Let’s get to it…

QQQs roughly flat this week. Won’t spend too much time on the macro today as not much has changed over the past several weeks: we continue to expect an upward trending, somewhat choppy market going forward in tech (although some AI semi charts worry us in the very short-term - see below). The economy seems to be in goldilocks (healthy earnings, resilient growth, fading inflation, oil hovering around ~$70, geopolitical tensions easing and fed cutting rates). The market seems to be absorbing recent rise in yields well with some rotation under the surface. We think the playbook of post-first rate cut rally is playing out as expected: