That headline is me paraphrasing (and well overstating, to be honest) a note from JP Morgan.
On the NASDAQ, JPM note: on its gain:
- was able to reverse higher and make a gain, behaviour that has become increasingly frequent
Analysts at JPM then go on to draw a curious implication, saying that:
- it may be the case that some folks who played Energy earlier in the year are putting their profits into Tech
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That would be a regime change if ever there was one. Or maybe just tech is cheap enough to warrant the punt?
Nasdaq weekly candles. JPM suggesting slowing downside momentum:
As a ps., I'm not writing off energy just yet, I think this guy has made a reasonable point:
