In Like A Lion, Out like A Lion…This morning it seemed as though all of the action for the week had already taken place. Never count your chickens or your options. Today’s volatility has continued this week’s trend as megacap tech has now led markets lower for the sixth day out of the last seven. The S&P tech sector is currently subtracting 9 points from the index (without them it would be green) and the Nasdaq is about to close out its worst day since March. All of the maj favorites are down over 1% with Apple and Amazon down another 2% today. Ironically, things ended where they began ---with Softbank. Softbank reported mid-morning that it might change its options strategy (now that the world knows it). $9bn in losses could do that to a fund. In the meantime, the dollar has seen a small recovery on the day after inflation data and materials and industrials aren’t feeling a thing. This week began with a bang and is now finishing with a whimper as we all go off to lick some wounds. Our charts team notes however, that the 50-dma are holding-- for now. (let us know if you want to see their piece).
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