Calling it a "reckoning" would be a stretch considering the sheer scope of the rally that preceded what is now a two-day rout in US equities. So, let's just call it a "reality check" instead. Whatever you want to call it, note that Monday marked the worst underperformance for tech shares since October. It was the worst day in absolute terms for the S&P Info Tech index since August. The Nasdaq 100 - the poster child for the recent melt-up - has fallen nearly 3% over the past two sessions
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3 thoughts on “Zombieland.

  1. “The uncertainties which have characterized trading to begin 2020 have offered a bullish backdrop to the rates market, even as the economic fundamentals have been solid”, BMO said Monday. Wait, what? S&P profit growth is slowing. Monthly job growth is slower under Trump than it was under Obama. The annual deficit is $1 trillion and climbing. New business formation and R&D spending are at the lowest levels in decades. What are these people talking about?

  2. Note that SPY and QQQ have only fallen about half of the way to their 50 day moving averages. And 100 MVA is a ways down from that. There is no support for quite a while.

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