Oscillator Remains Overbought
The S&P Short Range Oscillator remains overbought at 1.85% vs. 2.44%
Position: None
Watching the Semiconductors for Clues
This remains an either/or market. But the semis are at an important point and we’re watching to see if they can rally here.
Micron Delivers, but Will It Help the Broader AI Trade?
Profits for Micron mean more spending and tighter margins by everyone else.
Wednesday’s After-Hours Advancers and Decliners
As of 4:25 pm:
After-Hours % Advancers
After-Hours % Decliners
Position: None
Closing Market Data for Wednesday
Closing Volume
– NYSE volume 7% below its one-month average
– NASDAQ volume 43% above its one-month average
– VIX index: down 1.49% to 19.20
Breadth
S&P 500 Sectors
% Movers
Nasdaq 100 Heat Map
Closing S&P Heat Map
Position: None
3 Trading Long Rentals
I am taking trading long rental positions in Google ($GOOGL) at $344.23, Amazon ($AMZN) at $235.22 and Microsoft ($MSFT) at $368.15.
It’s a contrary sentiment trade — with investors now jettisoning the sector — also with a short half-life.
Position: Long GOOGL (VS), AMZN (VS), MSFT (VS)
No Trades Since
I’ve made no trades since the last report.
Position: None
More Reasons to Pay Attention to Micron’s Earnings and Guidance
SK Hynix is teeing up a U.S. IPO, and it stands to benefit these two holdings.
Broadcom and OpenAI Make an AI Chip Splash with Jalapeño
This is the opening salvo in their relationship, but Broadcom has other irons in the AI infrastructure fire.
Chart of the Day: Meta’s Technicals Continue to Erode
Headwinds continue for this mega-cap name but some support is not far away.