«Tech is Partying»

Coach Mark here.

At Tackle Trading we use a phrase “A Tale of Two Markets.” This phrase has been used often in the last year to describe times where technology-oriented stocks were doing extremely well but other areas of the market not so much. In 2023 this phrase was used on more than one occasion to describe time periods where tech was rocking (Mag 7 specifically) but other areas of the market did not participate.

The last several trading sessions have had some of that feel to it. Netflix came out with a solid earnings report, gapped up and has held the gap the rest of the morning. Technology oriented stocks (which represent a large percentage of the major indices) are rocking. The rest of the market not so much.

If you only looked at the SPY or QQQ you would think that the bullish euphoria was everywhere. If you look at the equal weighted RSP…well it is flat today. Your average stock is doing nothing today. A few handful…partying like it is 1999. A tale of two markets once again.

The last two months of 2023 were tremendous (and easier) because the rally was broad based. Lots and lots of participation. 2024 is a little tricker to this point.

Tricky or easy we will always be here to share out thoughts and guide you through market conditions. Have a fantastic Wednesday and if you are long tech stocks go watch a little Netflix tonight to celebrate.


Netflix (NFLX)

Let’s give the chart of the day where it is warranted. Gaps can be tricky but if you wait a few days so nice opportunities (and a lot of information) can be presented.

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