WTI is lifting off and industrials are leading the market higher today — but tech stocks are taking the day off and market breadth is tepid at just 46%. This has people thinking the rotation is real and that the market is toast. But those people are wrong and oil stocks are retarded. Long live the SAASfagLORDS.
There are a sundry of names down by 2-5% this afternoon, a couple I happen to own and lament the idea of having to spend another day in such underperformers.
The Cock Black, as an example, very poorly done and lower. DOCU bad! But SPOT, MDB, and ZEN are good!
All in all, I am lower by 0.7%, with 20% cash. This level of weakness has me thinking about taking a nap and perhaps waking up later on when things look better.
Maybe I’ll delve into a non-tech stock this afternoon, try my hand at something different.
More later.
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