Both GOOGL and MSFT posted better than expected results, causing tech stocks to rally today. We had 3 down days following a 10% lift. Leaning into that short, in hindsight, was a mistake and now the chophouse is open and in session.
Today’s gains are concentrated in tech, which was poleaxed yesterday. This is the perfect tape for permanent bulls to just sit back and buy. There was a pullback and now we’re spring boarding higher again.
I got caught in SQQQ and a series of old man stocks which are getting hit too. I closed out the short and a few others and will now hold and wait to see if markets weaken throughout the day.
Down 120bps early going, not chasing tech here either.
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