When the Facts Change…..
I do to sir, what do you do? My belief has been a bearish slant with technology lagging in 2025 (it is now the second worst major S&P sector on a YTD basis) but the group has to be given credit for shrugging off some poor mega-cap moves. Names like AMD which is now more than 50% off its most recent 52-week highs (filled in gap from 2/5 Thursday and CLOSED well off session highs) without the courtesy of a 2:1 split (a weak stab at humor). MSFT is UNCH over the last year period, GOOGL slipped 7% after an ill-received earnings reaction and perhaps it will fill in its gap near 176 from 12/9. TSLA was more than one-third off its annual peak but recorded a bullish harami on Wednesday and Thursday followed through by 6% as a potential double bottom base takes shape. Despite all this, the Nasdaq is now just 1% off its all-time highs. Call me still skeptical with the index doubling off the start of 2023 lows, but the market could care less about my opinion. The WEEKLY chart here shows the back-to-back doji candles to end 2022 and start 2023 at the very round 10000 number to the present PRICE of 20000. Perhaps this is just a bull flag with a measured move to 23000 on the horizon. The daily chart below shows a push above the diamond pattern, and for me to give a bearish outlook does not make sense anymore even with many individual stocks blowing up on earnings. This will be the year of the stock picker.