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Subscribe →Technology shares continue to get wrecked, with the NASDAQ Composite trading down over 2 percent at one point on the day, although as of 3:30 pm has rallied back to down 1.3 percent.
Navigating The Market · By Michael Kramer Independent macro and options research, published every trading day. Daily written analysis covering gamma exposure, dealer flows, key levels, and the macro drivers moving markets. Includes full video access. Recent Subscriber Analysis
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Technology Program
Unlike past selling days, today does not seem to be program driven. With the patterns not as tightly correlated.
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NASDAQ Comp
It appears for now that the Nasdaq has begun to turn and is now trending higher on the one-minute charts.
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Tesla
Even our litmus test stock Tesla has appeared to have formed a double bottom around the $354 level and has moved higher.
Biotech
Biotech has moved higher as indicated by the IBB and appears to have bottomed
The sell-off in the Nasdaq and Tech mid-day was steep but for the most part the market has been able to battle back. It is worth noting we have given back all of the gains from yesterday and are now lower than levels seen on June 27.
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Rotation Out Of Tech Into Biotech
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Michael Kramer and the clients of Mott Capital Management, LLC own shares of TSLA.
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