Finally, we have a non-disastrous KOSPI session overnight. Korea’s market was down only about 1% this time.
Finally, we have a non-disastrous KOSPI session overnight. Korea’s market was down only about 1% this time. Relative to the recent circuit-breaker sessions, this result offers breathing space to American chip names that have been dragged into bargain territory behind declines in Samsung and SK Hynix. INTC is finding its legs in the pre-market, along with AMD, MU, and basically the rest of the entire sector. The notable exception is QCOM, which is still digesting its earnings miss. MSFT (up 9% pre-market) leads software infrastructure higher, while META (down 10%) continues to add fuel to the argument over cap-ex.
Economic releases this morning were largely benign. Core PCE was in-line with expectations. This result may help bond investors frame Fed Chair Warsh’s commentary after the FOMC’s decision to hold rates unchanged.
There is no hurry to catch the bottom in recently sold-off names. Leading names across the tech sector have been beaten up so badly in the past six weeks that there is plenty of overhead space for a rally when it comes. Experienced traders will keep their commitments small, awaiting confirmation of support. Watch the Kapnotes board throughout the day for set-ups as they emerge.
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