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.
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.
October Monthly Roundup on Monday, and another refreshed Portfolio table to follow
As the last hyperscaler reports, let’s review the results, and also connect the dots to additional Portfolio holdings.
Here’s why I initiated a position in Alphabet and added to Meta after their selloffs.
I have taken several trading long rentals (off an oversold):
* $AMZN $225.66
* $META $614
* $GOOGL $280.62
* $BABA $98.15
Positions: Long AMZN VS META VS GOOGL VS BABA VS
Microsoft’s debt deal, Binance’s $6.3 billion hack and other headlines moving the market this morning.
Amazon gave investors a promising story for its cloud business, but the market is worried about short-term costs.
With tech stock earnings disappointing investors, does this mean that we’ll see a change in sentiment? Plus, three new ideas from me.
Just opened a small position in $GOOG at $280. There is good support near $271, so I see it as a high-reward, low-risk opportunity. Now that the stock has dropped 13% today and nearly 30% since May, GOOG is reasonably valued.
We also added to our initial position in $META, and now have a cost basis of about $630 in that stock. This plan was laid out in a previous article.
Writing up GOOG and META with charts and explanations now, article to follow tomorrow morning.
