Tech’s Monday Bounce Reverses, Pushing the Nasdaq-100 into Correction
Another drawdown in Tech, following its worst month since March 2025, overshadowed six sectors advancing more than 1%.
October Monthly Roundup: Navigating the Tech Pullback. What We Bought and Our Shopping List.
We used the AI pullback to add to several holdings, made a handful of rating and target changes, and sharpened our shopping list.
Scaling Down
* Sold all my $BABA $103.68 (+$5.64)
* Eliminated hyperscaler longs:
$AMZN $253.04 (+$12.69)
$GOOGL $285.49 (+5.65)
$MSFT $528.76 (+$6.85)
$META $617.95 (+$2.96)
Positions: None
Taking Some Profits in Hyperscalers
I am taking advantage of the sharp move back into the hyperscalers this morning and reducing from small to very small – for some quick profits:
* $AMZN $249.79 (+$9.44) Note: AMZN was purchased at $225.56 on Friday!
* $META $613.35 (-$1.65)
* $MSFT $526.01 (+$4.11)
* $GOOGL $286.16 (+$6.33)
At the time of publication, Kass was long AMZN VS META VS MSFT VS GOOGL VS
Oil Drops While Other Inflation Pressures Look to Accelerate: 8 Key Items Shaping the Stock Market Monday
Marvell and Lumentum ink a deal, Google and Amazon address capex funding concerns and other headlines moving the market this morning.
Anatomy of a Meltdown
Let’s examine the responses to Alphabet’s and Amazon’s earnings and the other factors that led to last week’s ugliness. Also, a bright spot on the charts?
Things I Did Friday
Here were Friday’s things:
* I initiated trading long rentals in $AMZN at $225.56, $BABA at $98.70, $GOOGL at $279.56, $META at $615.36, $UBER at $65.18, $NFLX at $62.08 and $MSFT at $524.50.
* I initiated trading long rentals in $BAC at $50.12, $C at $122.02 and $WFC at $83,73.
* I covered my $ARKK short at $80.03 and my $FIGS short at $21.16.
* I covered my $AAPL short at $345.70.
* I added to $MSOS at $3.93, $GTBIF at $6.25, $GLAS at $2.23 and $VRNO at $5.03.
* I added to $GLD at $362.10.
Position: Long MSOS common (VL) and calls (VS), GLD (M), GTBIF (S), VRNO (VS), GLAS (S), AMZN (S), BABA (S), GOOGL (S) META (S), UBER (S), NFLX (S), MSFT (S), BAC (S), C (S), and WFC (S).
The Week Ahead – Apple, Midterms and Jobs Test a Market on Edge
The rotation out of Tech continued last week. Now a packed week headlined by Apple on Monday, Tuesday’s midterm elections, and Friday’s jobs report test a market with thin gamma and CTAs near their sell triggers.
Investor Sentiment Sends an Overt Warning About the Stock Market
The QQQs fell below 700, indicating a change in sentiment. Investors are selling stocks because they’re fearful. Let’s see where we are on the sentiment cycle chart.
Chip Rout Sends Nasdaq to Worst Month Since March 2025
Intel’s record drop leads a cascade in chip names with the S&P 500 and Nasdaq seeing their worst session since June, while defensive buying gave the Consumer Staples ETF its best month on record.