TMTB Weekly

Happy Sunday. Another fun week in Tech/AI land as QQQs now up 6 weeks in a row and up close to 30%. SOX up 65% in a straight line since the beginning of April. The SOX sits at 80 RSI and 55% above its 200d MA, a level only eclipsed in 99/00. The ascent has been hard and fast: a friend mentioned that for the SMH to go from 80 RSI to 70 RSI by the end of the month, it could still go up 10%+ while it “cools off.”

Some of the moves since the local bottom at the end of March are stunning — close to 10 large cap names up 90%+: