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Dear Traders,
Wall street “bought the dip” once again. Both SPY and QQQ opened with a gap down from the all-time high, but traded all the way back to the previous day’s range and closed green.
It’s important to watch where capital is moving, aka sector rotation.
The hot stocks we’ve been trading in semiconductor cooled down today due to Broadcom’s sell-off after earnings. AVGO closed at -12.59%, but money didn’t leave the market.
Money just rotated into health care and financials. UNH is up +5.16% and HOOD is up +6.61%. We checked the sector performance on Trading Terminal and it’s pretty clear that the stock market has not gone into risk-off mode yet.
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