I've been away for the past few weeks, and it looks like I didn't miss much, as the broader market continues to trade in the top of the range.
$NYSE - Trading in the same range we've been trading in for the past year.
Of course the NASDAQ was driven to new recent highs in June, and that continues to hold up.
The fake news of the week, is that the Chinese are going to cut shipments of rare earth metals, which are needed to manufacture chips.
China's metal export curbs a 'warning' to US and its allies - Global Times reuters.com
The lame stream media can spin all the negative news they want; that's not going to bring the sellers back from their summer homes.
Meanwhile
Yellen's China visit aims at 'new normal' with Beijing Reuters
Wed. July 5th:
The market open looked pretty drab as one would expect this time of year.
$VIX trading in the low 14's suggests we shouldn't expect much movement, any time soon.
$META - It look like the Meta bulls aiming to fill a gap that was left behind on the chart in early 2022.
There's also a gap fill target on the NASDAQ ($COMPQ) - around the 14,168 level - which was left behind after that market was pumped and dumped in March '22, but I don't see any of these gap targets filling anytime soon.
$COMPQ NASDAQ - remains grossly overbought - trading above the top of the range.
So, not much to go on except a few gap targets, and the usual fake news stories.
Apple $AAPL - took out my upside target last week. On another short squeeze Friday.
APPLE $AAPL takes out my target#Tech #Stocks lead $SPX https://t.co/GZg6N76wSl
— Veteran Market Timer (@3Xtraders) June 30, 2023
If I had to guess; I would say we could see a pullback to the 50 day ma, before July Options expiration, followed by more sideways consolidation in August, and when money managers begin to return in Sept. they should be forced to chase performance - in the tech sector - as usual. We could even see a retest of the all time highs, if the AI (boom) story continues to hold water.
Take Care, AA
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