Chips are baiting traders to engage, but there is very little in the broader market that points to now as the best entry time for long positions.
Chips are baiting traders to engage, but there is very little in the broader market that points to now as the best entry time for long positions. Yes, CPI was cooler than expected, but at 2.6%, core CPI is anything but innocuous.
A steep, steep sell-off in IBM is dragging down much of the software sector in Tuesday’s pre-market. Technical damage in high-profile names like IBM and NOW could easily bleed over into other areas. A near term downtrend in chips, re-ignited war in Iran, and WTI crude topping $80 could put a lot of pressure on an opening rally today.
Experienced traders will likely keep their powder dry until the initial frenzy subsides. It is not uncommon for the day’s major theme to begin asserting itself somewhere around 10:30 am. Be careful out there today.
Kapnotes is unbiased, catalyst-driven research for active traders. We screen the market's biggest movers and hand you a focused list of trading opportunities, updated in real time throughout the day.