The SPY had a big move up today after the entire ai spectrum rallied following the CRWV report with Coreweave up over 20% today. This is getting ridiculous if we’re being honest, the moves are getting so extreme in the ai trade, I really am not even looking at these names but we’re not even back over the 21 ema here with a huge move up the last four days. We’re still negative from June 1 and these moves are just schizophrenic at this point. One day the ai trade is over the next day everything is deeply misplaced, this space is simply for gamblers now, level headed market participants have no business dealing with nonsense like this. We still have serious questions regarding rate hikes after another hot CPI print and these high beta names will not be happy if we really do see more hikes. Today everything is rallying as the vix really could off falling 9% to 17.xx. While this is a welcome relief for many, we aren’t back over the 21 ema yet so I’d temper your expectations. When you get super violent moves down, there are going to be relief bounces that are equally violent. Obviously as the most popular space in the market there are going to be some really chaotic swings here as the sellers continue to shake the tree.
Scanner
Here are today’s large cap momentum scans from the database. The rest of today’s scans can be found in the database link below.
My Open Book
