Happy Sunday! We’ll get into some high-level thoughts then dive into where positioning/sentiment stands after earnings season. Let’s get right to it:
High-level thoughts - where do we stand?
QQQs finished +1.5%; SOX +1.9%; ARKK -3% weighed down by TSLA and SHOP
Macro picture didn’t change this past week as it was a slow eco week and most keyed in on CPI release on Wednesday of this week. Sentiment is leaning towards a cooler print. The last few CPI prints we’ve seen IWM outperform the QQQs the 2 days leading into the print so that’s something I’m watching to potentially happen again beginning tomorrow. Seasonality begins to get better in mid-May. The below we quoted from Vital Knowledge last week still holds re: the macro picture:
“The big debate within US equities concerns the state of the domestic economy following a multitude of data points in the last couple of weeks pointing to growth being at a downward inflection point. Specifically, is this inflection point 1) a benign/goldilo…
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