Microsoft ($MSFT) was a pleasant surprise with growth at Azure accelerating.
Mets ($META) not so much.
We remain long $MSFT, Amazon ($AMZN) and Alphabet ($GOOGL) in the Mag 7.
More later…
Position: Long MSFT (S), AMZN (S), GOOGL (S)
While the SOX have become oversold, the rest of the market has held up. Is that about to change?
* He whiffed at his first appearance…. overrated?
From Greg Ip:
More:
Position: None
The S&P Short Range Oscillator moved back into oversold at -1.61% vs. -0.07%.
Position: None
The Semiconductor stocks remain oversold and getting worse. Could the bank stocks be next?
The hawkish bloc is growing, and the rotation that was absorbing the damage reversed.
Volume
– NYSE volume 22% above its one-month average;
– NASDAQ volume 5% below its one-month average;
– VIX index: up 13.45% to 20.66
Breadth
S&P 500 Sectors
% Movers
Nasdaq 100 Heat Map
The bond market is recoilling from Kevin Warsh’s contradictory responses in the press conference.
Positions: None.
