Friday unfolded quite similarly to the day before – premarket resilience in Nasdaq gave way to another bout of selling that came soon after the opening bell, undershooting my target and recovering from there (fine place to go short), and then continue down in a fresh challenge of intraday lows.
The hyperscalers vs. semis and memory seesaw continued, and this time around, it were the rising capex winners that got under pressure while behemoths paused. High yield corporate bonds also paused, so was Friday just about positioning for hot Mideast weekend?
Certainly the Saudi Arabia strikes caught many by surprise, but as I predicted the weekend before major escalation, so I did throughout the week as regards rising oil price and dips serving the purpose of getting bought.
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