The session started off yesterday with a bang; we booked huge gains in Arqit Quantum (ARQQ) and respectable profits on Riot Platforms (RIOT).
But it’s how the rally took shape that tells me it’s time for action. We got a blowoff in many momentum names, which is warning us that the upside in stocks is running on fumes.
Today we’re seeing serious rotation out of tech and into other market sectors – more on that in a moment.
In the near-term, it’s all about earnings in the US, and the bulls are going to have to grapple with Tesla’s (TSLA) and Alphabet’s (GOOGL) reports tomorrow. These reports could well keep the indexes afloat for the near-term, but don’t be surprised if stocks embark on a summer snooze in the next few weeks.
Even in this environment, there are plenty of opportunities to look at – precious metals, biotech, and even some select Chinese tickers, too.
Let’s get started…
