Happy Sunday. After a choppy first week of earnings, QQQs finished it breaking out to ATHs. Last week, we mentioned we had reduced our gross/net to let some macro & tech cross-currents, as well as mediocre T+1 post-earnings price action digest its way through market, but by Thursday afternoon, we were feeling much better about what we were seeing and wrote:
We added back gross and net today as saw several positive tea leaves that market wants to go higher: seeing several leaders (SNDK, CRWD, SNOW, SHOP, etc.) hit 52wk highs; finally some positive price action in earnings with IBM finishing close to flat after being down 8% and TSLA and SAP with nice red to green reversals; VRT/GEV bounced back nicely after yesterdays sell-off post earnings and APH followed through to the up; spec names/BTC strong a sign risk might be back on.
We also saw several of the leaders bounce off key moving averages during the Wednesday dip:
We’re big on risk mgmt here at TMTB but also on finding set ups where …