Happy Sunday! Hope everyone is enjoying some nice weather this weekend ahead of NVDA’s GTC event. We’ll dive into what to expect below, but first let’s talk high-level about the market.
As our readers know, we’ve been on “high-alert” short-term positioning the last couple of weeks, meaning we have pulled back on our net exposure. On Thursday afternoon, we explain in our EOD Wrap why we moved even closer to neutral positioning:
We’ve been in high alert mode short-term, which means we’ve pulled back net exposure, but are getting closer to “wait and see" after today (not yet), which means a more neutral posture (medium-term we continue to think pullbacks are buyable). A very tough market to call short-term in our view as the tea leaves underneath the surface are mixed: You have things like GOOGL AMZN MSFT acting very well, but semis (which have been the leaders) weaker as of late (closing right at the 20d — hasn’t been below since early Jan.) with further weakness in NVDA/AMD today (AMD …
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