Happy Sunday. Hope everyone had a good thanksgiving and feeling rested as we gear up for the last month of the year. We’ll start with the big picture then move onto our CRM preview in what will be the last big earnings week of the year. We also have UBS conference in Scottsdale on Wednesday and Thursday of this week.
Our medium-term high-level view on the QQQs remains the same as it’s been over the course of the past several months: we continue to expect an upwards trending, but somewhat choppy market: we’re in front of powerful seasonality in Dec, econ data remains within “goldilocks”, oil has fallen below $70 (and potentially more with Trump’s new pick for Energy), yields are ticking down post the Scott Bessen Treasury selection, geo-political tensions easing, and the Fed is easing. QQQs are back above previous highs:
Semis acted better on Friday as export control rules weren’t as draconian as predicted. Dec is a good seasonal month for semis and even little ol’ AAPL…