It was a quieter session on Wall Street but a ~2.4% drop by the software stocks caught our attention as they continue to follow MM’s technical roadmap. The big names that we watch, like Intuit -4.2% and Salesforce -2%, experienced a tough night. While we think the sector is looking for a low, we are conscious that they have bounced strongly in the last fortnight.
- The IGV ETF has hit our technical target, leaving us keen buyers if they make fresh lows below $US76.
MM is neutral towards the IGV ETF around $US85.50
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