Tech Bubbling:

And I mean that in a good way, as when one hears the word bubble their attention perks up. Semis, software, and “old tech” names witnessed their fair share of winners Thursday. After earnings reactions, OKTA cleared the very round par number and PSTG surged 25%. Others like MRVL and SWKS acted well and are setting up add-on buy points. Taking a peek at the MONTHLY chart of the Nasdaq below, with the leap year extending the month, one can see how important Thursday’s CLOSE was above the very round 16000 number. In yesterday’s tech note, we showed how on the daily chart it was stalling there, but it received a decent bump after a well-received PCE report pre-market. Remember markets tend to shrug off negative candles, and all-time highs are not bearish. I thought we needed some back and filling before the next move higher, but I may have to rethink that. Many individual names are digesting the big move to end 2023, and those types of actions usually resolve higher, in the direction from which they came.

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