The market is becoming increasingly fractured. On the one hand, looking at the Dow 30 (/YM) futures, it’s up, up, up, because the debt-fueled, government-job-based economy is just peachy. Dow 40,000, here we come! Take THAT, Nikkei from 1989!
On the other hand, the ridiculously overvalued tech stocks are starting to sputter, with TSLA a train wreck and MSFT, GOOGL, and AMD getting zapped. The /NQ is down 1% as I am typing this, which these days is probably a federal crime. A whole percentage point, people!
The small caps is somewhere in between. The /RTY is unchanged as I am typing this, and it has been annoying robust lately.
I am cautiously optimistic about a decent day, as long as that criminal pig Powell doesn’t muck it up. I maintain put positions on the following symbols:
- IWM
- NVDA
- SMH
- XLU
- XRT
