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TMT Breakout
Nov 12, 2023
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Happy Sunday - hope everyone made it through earnings season ok as we head into a bit of a slower week…

We’ll get into our bigger picture thoughts first then dive into how the tech landscape looks following a wild earnings season…

Bigger picture

QQQs continued their rip-roaring strength this past week rising 3% -- Large-cap strength led the way and the SOX outperformed up 4% on the week. Small-caps lagged (what’s new?) and ARKK finished down close to 2% on the week.

There haven’t been any large changes in the macro narrative since we switched to a more bullish disposition at the beginning of Nov – yields seem to have peaked as cooler growth and disinflation (including Oil) trends seem primed to continue. 

Sentiment has clearly flipped way more positive over the last two weeks as we saw a big spike in bullish sentiment.

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