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TMT Breakout
Sep 02, 2024
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Hope everyone is enjoying their long weekend. A busy week this past week given off-q earnings and things should continue to ramp as we get the Citi Conference beginning on Wednesday and bigger GS TMT conference beginning the week after. You can find both schedules here courtesy of @LucknowCapital: Citi TMT and Goldman TMT … We also have earnings from GTLB ZS CIEN HPE and AVGO this week.

This week we’ll talk about some things I have my eye on in the market as we head into the last 4 months of the year, starting with our high-level thoughts…Let’s get to it…

  • QQQs finished the week down 1% led by NVDA which was down 8%, which contributed to 75% of the broader index decline so ex-NVDA, roughly flat week for Tech. SPY fared a bit better and now sits less than 1% off all time highs

Bigger picture thoughts

Despite the flat to down week, we came away feeling more bullish about the direction of the QQQs over the near-term. To rewind a bit, two weeks ago we said we were feeling confident about a…

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