TMTB Weekly

Happy Sunday. Quite an earnings week as QQQs finished +5% on the week and VIX closed at YTD low while SPX finished at ATHs. Bigger picture on market direction, not much to say that we didn’t already say last week: continue to expect upwards trending but somewhat choppy market through August (that’s our base case for now).

The one thing that surprised us this week is the breadth we are seeing across sw, internet, and semis. While some areas of AI semis have been slacking, there have been plenty of strength elsewhere to pick up that weakness. This week, the chorus of investors on the hunt for sustainable longs outside of AI semis & hyperscalers was louder than we’ve heard it all year.