Yesterday’s volume was significantly lighter than usual due to Columbus Day (banking holiday). That alone explains the 50% short squeeze in $BMBL Bumble (still trading under $5). Chart from the junk folder, not updated in nearly 2 years.
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The rest of the market barely moved — $SPX closed UNCH again. Board snapshot:
- Healthcare (minus J&J)
- Big banks higher, continuing last week’s streak
- Energy stocks same
- Utilities continued their 8-day win streak — best performing sector in October. Crickets from the talking heads.
- Consumer Defensive led by a higher recent high on $WMT. Even the rich are forced to shop there now. Prices remain near COVID highs because real inflation over the past decade has been grossly under-reported. Home prices up 50-60% since 2019.
Your tech-heavy 401k didn’t fare so well, and that trend is bound to continue...
Chip stocks are dragging. The latest rout flies in the face of the Fast Money traders who shamelessly pumped this sector in September. What used to be a good show when Jon Najarian was on has become the #1 contrarian trade indicator. Next time you see Tim Seymour pumping his own position, consider the source.
$JPM missed earnings and revenue (came in light), but net interest margins were higher. Stock is levitating (+1%). Goldman beat — $GS up +3.5% and has room to run. $C — meh. Expected a bigger pop.
I added a bearish shooting star annotation to yesterday’s $IYF (financials) chart [public chart link]. Not just the candlestick — key FIB target visible on the $DJUSFN chart from the alternative views I track.
$JPM missed earnings and revenue (came in light), but net interest margins were higher. Stock is levitating (+1%). Goldman beat — $GS up +3.5% and has room to run. $C — meh. Expected a bigger pop.
I added a bearish shooting star annotation to yesterday’s $IYF (financials) chart [public chart link]. Not just the candlestick — key FIB target visible on the $DJUSFN chart from the alternative views I track.
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Far more interesting: the right shoulder target on our $PNQI tech chart was taken out. Possible rotation out of tech finally in play. Chart updated. Find the link to the public charts in the left side menu.
$WEBS (3X Internet) bear rallying for the second day. Components differ from $PNQI — do your own due diligence. Up in pre-market after yesterday’s reversal.
Watch the $PNQI shoulder break and $WEBS for confirmation of any real rotation out of tech. Light holiday volume exaggerates moves — don’t confuse it with conviction.
Machines still drive the tape. Technicals over narrative.
P.S. Final blog draft created by Grok/AI - because "time is money", and I ran out of the former.
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