Market & MAG7: Great Fades
Thursday morning we had great chase shorts in MSFT, META & GOOGL.
Then AAPL & AMZN today:
AMZN - 250 WITH 243 target: working
AAPL - 277 to 274 now 270 with 268 target: working!
I also made the call after the open that SPX would likely go green to red, and it did intraday before bouncing a wee bit at 6814.
Remember, gamma flip has fallen back to 5756 from 6800 so they are really trying to get back their “zone of safety”.
VIX also made it > 17.50 to 18.54 before retreating back. The real level to watch is 18.88. And it will trigger if the rate of speed on this USD advances quickly.
USD has stayed nicely bid since my call earlier this week - with 10Y yields up to 4.1% - which also serve as headwind to this rally. So far just a stall…
Breadth as I show live daily is still wicked weak, but net selling past 3 days has not followed through.
Let’s dig in:
Sector Spotlight: Oil, Gas & Gold
Swing Stocks Highlighted: Short & Long
Speaking of SOLAR Plays (& Storage)
But before I do… a reminder from our Partner company SpotGamma: