Yo Pit Crazies,
Tech stocks sprung a leak!
Yes, of course, the Invesco QQQ Trust (Ticker: QQQ) was up 4% at one point Thursday.
But that was before earnings, so it’s hard to imagine how good they would have to be to keep that momentum going.
Five-day QQQ Chart with one-minute candles
If you missed the 15% rally in QQQ this year will this be the chance to grab some?
AAPL Has Its Worst Revenue Miss Since 2016
In any other time, writing that Apple Inc. (Ticker: AAPL) had a historic earnings miss, the stock would be down 10% after the bell. But on a day when AAPL was up $5.39 to north of $152 at one point, it only retreated to $147.
AAPL 5 Day Chart with one-minute candles
All the other Big Tech missed too, and QQQ was down 1% premarket after a 15% rally this year.
The outlier was Meta Inc. (Ticker: META), but only because it announced buying back $40 billion of the stock.
The big picture, as Bill “Macro Griff” Griffo would say, is the Fed.
The market thinks the Fed is slowing down and that trumps all others. I think we’ll dip a bit and go back to rallying next week – along with a VIX drop.
That’s crazy into bad earnings, but that is what we have.
To Your Trading Success,
AG