Monday, June 12, 2017

Tech Risk Off

It was a TECH risk off day, the Nasdaq Composite sold off hard on huge volume, the FANG stocks had a tough day, and Amazon had a flash crash. Amazon dropped about 34 points in a couple of ticks. Pre-market it seems like the pressure is still on the tech names, many are bidding down.


The tech sell-off coincided with Citron's research cautious tweet about crowd favorite NVDA. The tweet reversed the stock from an 8 point gain to a 10 point loss on 92-million shares which is about 4-times the daily average.


For the old school home-gamers everything looked fine at the close, the Dow Jones closed the day up 89 points. The small caps held up well also with a half percent gain led by banks and oils. But the carnage was in tech.


The small caps are the ones to watch here, the IWM recently broke a 6-month consolidation zone to the upside and looks like it will take the lead from some of the larger names going forward.


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Frank Zorrilla, Registered Advisor In New York. If you need a second opinion, suggestions, and or feedback in regards to the market feel free to reach me at fzorrilla@zorcapital.com or 646-480-7463. 

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