The SPY is actually fine right now, it’s over all the short term moving averages and barely off highs. Today the issue is most of the ai trade is getting throttled because the Kospi was down nearly 4% overnight. This whole year has been tough with us waiting overnight hoping for the Korean market to not implode and unfortunately it has had some violent moves this year. While the Kospi is up nearly 50% YTD the swings are what have been tough, the Nasdaq has had only 2 days this year where it had a 3% or more down move, with only 1 close there. The Kospi just had it’s 11th move of 3% down last night and unfortunately if you’re long any of these ai names you’re needing stability from a market that is recently not providing any.
The issue right now is oil up 2% today, below, after the Russia/Ukraine agreement to not attack oil infrastructure. Oil looks like it wants to go on a herculean run. Trump and Bessent have done all they could with multiple attempts to suppress oil all year but it keeps having failed breakdowns which is not good. Right now it is curling up again, momentum is about to flip positive, and it looks like barring some peace deal with Iran it is about to go on a run that could really impact midterms in a few weeks.
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These are today’s large cap momentum scans from the database. We took all your feedback and made some changes to the discover page over the weekend. There were naturally some bugs but now individual name searches are working and as I said the eventual goal with the discover page is our soon to be released grading of new trades based on the historical data we have.
My Open Book
