Tech Took Some Body Blows:
And to be honest, held up pretty well. Tough AAPL note Friday morning. TSLA is in the news again Friday dropping 9% for whatever reason you want to blame it on. Is it the workforce reduction or Musk echoing the Dimon comments earlier in the week of an economic shock on the horizon? Of course, we had MSFT warn this week, and the currency was blamed, but let’s face it a warning is a warning. Combine all that sentiment and then take a look at the VIX which dropped nearly 13% this week. Now do not get me wrong, I am not a raging bull by any means, but the chart below of the QQQ shows a WEEKLY decline of 1%, not bad after the prior week screamed higher by more than 7%. Sure that was immediately a nasty 7-week losing streak to put it into perspective. But from a risk/reward standpoint after a 30% haircut from the 52-week highs, I would rather take a shot on the long side with a tight stop.