Stock Trends
The tech wreck is here
Good morning,
The long-overdue tech wreck is here, with XLK down five of the past six days and already in an 11% drawdown. There haven’t been many places to hide with semis, software, and hardware (read: Apple) all down sharply over the past week.
However, there’s one sub-group that I pointed to as a potential opportunity on Monday, and today I’ll highlight two of my favorite single-stock setups.
We’ll also review:
Semiconductors with more to go to the downside
Software winners and losers
The dash for trash
Quiet improvement in private equity stocks
Energy
Hot List updates
and more!
Tech wreck: Semis
Marvel is begging to fill this gap
Already in a 22% drawdown, that would put it down 30%.
AMD left a gap back near $360
Which is where both momentum measures peaked and began rolling over. I think it gets there.
Western Digital is still 98% above its 200-DMA
Is it really that crazy to think it tests this basic metric after a 2000% gain in 14 months? Right now it would line up nicely with a zone of support near $300.
