Technology Sector Review: 6/7/21

They say it is not where you start in life but where you finish. In markets, the same theme rings true, and it is why I always capitalize the word CLOSE. Remember the adage amateurs open the markets and pros CLOSE it. The Nasdaq got off to a weak start Tuesday to begin the week (CLOSED 100 handles off its intraday highs), and remember that was the start of a new month when fresh money into funds is normally put to work. And of course, it was the beginning of a holiday-shortened week, which is traditionally strong. That’s why it was refreshing to see the Nasdaq on Friday CLOSE on highs, and one could make the case for a very mild bullish island reversal with gaps Thursday and Friday, the first to the downside and the last to the upside. The elusive very round 14000 number is just 2% away, which is the rough area of a bullish ascending triangle too. Who would have thought nearly halfway into 2021, technology was going to be on the bottom rung of your barbell approach. Bulls were also excited to see the XLKas the best performing major S&P sector Friday, the first time in some time that occurred.