| | Tech Tanks and the Flight to Safety Is On
By Blake Young
The Magnificent Seven oftentime market leaders were, collectively, down more than 1% by midday. The broader NASDAQ-100, around 55% of which is tech, was off around 0.06% over the same timeframe. | That doesn't sound like much, because it really isn't, but the selling is important because it's a sign of the times: The appetite for risk is drying up, and capital is increasingly making a classic "flight to safety." | You can really see this happening in the S&P 500 and NASDAQ futures, ES and NQ, respectively. | I'm going to pull up my charts for both of those contracts to give us a sense of this from a technical perspective - very important. | We'll also look at how this is playing out in specific sectors we've been looking at lately, like utilities and healthcare, to name just two. | Let's get started… | | TheoTrade Daily Chatroom Schedule for Friday, June 21, 2024
8:45 AM to 9:20 AM: Blake Young and Brandon Chapman do TheoTrade Live
9:20 AM to 10:30 AM: I'll be getting us ready for the opening bell
10:30 AM to 11:30 AM: Professor Jeff Bierman shows you… The Way
11:30 AM to 12:30 PM: Blake targets more earnings trades
12:30 PM to 1:15 PM: Gianni Di Poce is watching currencies and a lot more
1:15 PM to 2:00 PM: Brandon checks top-performing stocks and sectors
2:00 PM to 3:00 PM: Tony Rago finds targets in NQ charts
3:00 PM to 4:00 PM: Corey Rosenbloom will make range and trend plays
Two New Moves to Make
Gianni and Brandon both dropped fresh recommendations in the chat. Gianni recommends nabbing a smaller pharma company at $17, and Brandon put on a vertical spread in "pet-tech" stock CHWY. | Catch TheoTrade Live at 8:45 AM Tomorrow
Blake and Brandon will livestream tomorrow morning before the market opens. Stocks to buy and avoid, technical charts, sector rotation, and the macro stories moving markets - it's all on the table. And, best of all, it's completely free. | Click here to make sure you never miss another TheoTrade Live update…
We'll talk again soon, | | Don Kaufman
Co-Founder, TheoTrade |
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