Feh. Well, for the 127th day in a row, what looked like a good hard tumble has been extinguished overnight. Specifically, the train wreck of INTC, KLAC, and AMAT seemed to spelled doom for QQQ and SMH, but the doominess has been largely wiped clean. Here is NQ, triple digits higher than its low just a few hours ago.
The semiconductor fund (SMH) itself is, like the NQ, still down, but here, too, it has shrugged off half its losses.
Hey, but at least those two are still down (for the moment). Everything else – – bonds, bitcoin, small caps, the S&P – – are all green. The /ES futures over the past twenty-four hours have been an absolute chopfest.
I remain lightly positioned and heavily frustrated.
