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Don't know how far the rebound can go, always assume more up by default.
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Upcoming rebalancing of $NDX:
Nasdaq has only conducted a special rebalance twice in the past - in December 1998 and May 2011. The rules state that action will be taken if the aggregate total of all stocks with individual weights above 4.5% in the index exceeds 48% (currently, the "Magnificent Seven" stocks account for 55% of the total weighting of the NDX). Rebalancing changes will be announced on July 14and take effect before the market opens on July 24. Keep an eye on ETFs like QQQ , QQQM and the UltraPro TQQQ, as well as positioning that could occur beforehand.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Perhaps META will break out, because of yesterday's news:
"Twitter traffic is ‘tanking’ as Meta’s Threads hits 100 million users [vs Twitter's roughly 240M daily active users] https://www.cnbc.com/2023/07/10/twitter ... users.html
Those following the epic battle of egos know that there may be a forthcoming "cage fight".
And a couple days ago Elon publicly suggested a "dick-measuring contest"....
and I'm not joking
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
TODAY:
[Associated Press]
"Bank of America must pay more than $100 million to customers for double-dipping on some fees, withholding reward bonuses and opening some accounts without customer consent. The bank serves 68 million people and small business clients.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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The pullback probably will be bought. So far it's a classical down in the morning then up and up till the close day which we don't know yet.
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Rainy day with wifi ! Doesn't look to good as we wait for CPI. According to the media only outcome is a reduced CPI but with market betting close to 80% or so on a July Fed rate increase not sure what that will mean.
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