Just Barely Head and Shoulders Above the 50-Day Moving Average
Let’s chat about market sentiment, that pesky head and shoulders top, and moving averages.
Quantum Computing Stocks Hit Hard
Quantum computing stocks sold off hard on Wednesday ahead of the Quantinuum IPO at the Nasdaq Market Site on Thursday. Quantinuum, which is majority owned by Honeywell ($HON), will officially begin trading later today under the ticker symbol “QNT.”
On Wednesday, Infleqtion ($INFQ) gave up 12.4%, Rigetti Computing ($RGTI) gave back 10.4%, and D-Wave Quantum ($QBTS) surrendered 7.9%. Even the mighty IBM ($IBM) lost 7.2%.
Last night, Quantinuum announced that it has raised $1.68 billion in its initial public offering after pricing 28 million shares at $60 apiece.
I will be adding to my long position in IBM (still up 31.6%) at some point this morning.
Positions: Long IBM equity.