US tech stocks led declines overnight as companies such as Apple Inc., which manufactures products outside of the US, were hammered. As we often quote at MM, “Don’t fight the tape,” and the market’s aggressive sell-off overnight is at risk of testing levels last seen in August. Some great buying opportunities will undoubtedly surface in the US “ Big Tech” names, but at the moment, the technical (momentum) and fundamental (Trump) factors threaten deeper losses, i.e. be patient.
- We can see the NASDAQ testing the 17,500 in the coming week, or ~8% lower.
MM is now neutral towards US tech.
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