To be clear; I'm not long tech stocks, but what kind of fake news release; in order to trigger the AI; in order to help facilitate a pullback... is this?
Broadcom falls on report Google mulls dropping co as AI chip supplier reuters.com
Right away I can tell this is a poorly written excuse to sell tech. Who says "mulls"..?
I'm writing today's update on my mobile device, and doing more charting on mobile as well.
Here's what I'm seeing on the $SPX futures this morning, after yesterday's sell the news trade.
Maybe I should call it the "sell the fake news" trade, as Bloomberg continues to call it a "hawkish pause", but I digress.
$SPX - 30 min. Chart - tweeted early this morning.
When was the last time you saw such a perfectly drawn pattern, and this using a mobile device?
Oil
Oil continues to pull back, but I see traders rushing in to buy energy again, at the first Sig of a pullback in tech, and the chart agrees.
$VIX - The $VIX was pressed above the 50 Day moving average, at the close, but this just looks like another bear trap to me.
If - and that's a big IF - we start seeing some downside momentum, then I may need to revise my outlook.
Take care,
AA
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