Happy New Year! Hope everyone had a nice break — we’re excited to be back for what’s already been an exciting 2024 in Tech.
We’ll refresh where we stand with some bigger picture thoughts then dive into some Tech sector specific thoughts.
Let’s get to it…
Bigger Picture - Where do we stand heading after a rough first week of 2024?
After turning positive on the first day of November, we shifted back to Neutral before leaving for the holidays on Dec. 20th:
Individual charts still look fine but there were some signs of exhaustion in several names (see COIN AFRM CVNA for example). I don’t like that the QQQs hit a new high today yet finished below previous closing highs from late 2021. CVNA can tend to be a barometer for many growth stocks and a new high then close below previous highs in Jun/Sept is one negative growth tea leaf. We shift back to “wait and see” mode from positive today given we only have 7 trading days until the end of the year and rather err a bit on the side of caution unt…