Rough Waters
Thursday was another brutal day for US stocks.
The $S&P 500(.SPX)$ dropped -1.2%. The $NASDAQ 100(NDX)$ fell -2.6%, its worst day since June. Semis $iShares Semiconductor ETF(SOXX)$ got hit the hardest, tanking -6.7%.
$Meta Platforms, Inc.(META)$ and $Tesla Motors(TSLA)$ earnings set the tone (and not in a good way).
The SPX is just -2.3% off its highs.
Goldman’s High Beta Momentum basket is -41% ‼️
That’s through Wednesday’s close. BEFORE today’s tech wreck. Momentum is no doubt down closer to -45% + after today’s bloodbath.
How did we get here?
Let’s rewind back to July. 👇
In “Heading Into August” on 8/2, I called out the monthly topping candles we saw all across the AI space in July.
Here’s what I wrote at the time. 👇
And on AAOI…
Multi-month tops at the very least. Cycle tops for others.
That report aged like fine wine. 🍷
Markets are always moving - and sometimes, the best move is knowing what works for you.
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