Happy Sunday. A choppy week in QQQs — both in price and factor performance - as head into earnings season. We won’t spend too much on the macro as we have a lot to get to in Tech.
Our base case remains that chop likely continues through this week before we head into the seasonally strong end of year rally. We’d say 70/30 that we’re down this week instead of up, but more a finger in the air type guess rather than strong conviction. The market has a nice wall of worry to continue to climb over the next few weeks, which we think is a good thing as opposition usually builds energy for a much stronger move higher. We reduced gross/net on Friday to let things digest a bit / clear up this week before deciding how to approach year-end.
Late Friday and over the weekend we got more good on the China/tariff front. We’ll let VitalKnowledge recap:
Trump on Friday eased some of the tariff burden for auto OEMs….the WSJ published a long article detailing how the White House is “quietly watering do…