Dow: +97.31…
Nasdaq: -51.08… S&P: +2.93…
The S&P increased 0.1% in a mixed session that favored the value and cyclical stocks. The Dow (+0.3%) outperformed for the third straight day and set fresh record highs, while the Nasdaq decreased 0.4% after starting with a 0.9% gain. The Russell 2000 lost 0.3%.
The energy (+3.3%), materials (+1.3%), and financials (+0.9%) sectors represented the cyclical leadership.
Semiconductors managed a 0.6% rebound and the Nazzy names looked very very bad.
QQQ (Nazzy 1000) is fast approaching the 50-day moving average. That needs to hold….that’s all I’ll say for now.
Bitcoin was up 5.9%. Check this out. Thinks it’s mainstream yet? Maybe mainstream is bad, but it can still go to $100,000.
Software, which has led this market is getting, is getting liquidated.
The Russell 2000
If that trendline breaks help yourself to some TZA.
Very tough day, See you in the morning.
P&L here.