Big-Tech Bid, Everything Else Dumped as Everything in Mega-Tech Land is Awesome


Heads up - there will be no ANDIKA BULLETin next Monday and Tuesday. Taking my 2 Pug Dogs on a small staycation into the GC hinterland.

US Jobless claims surged higher (bad news is good news?) and PPI was cooler than expected (good news is good news) but only big-tech and bonds benefited from this glorious bad news.

On the day, Nasdaq and S&P ended green (thanks to tech) but The Dow was red.

Source: Market Watch

Seems the Mag 5 is just bullet proof as it continues its ascent to infinity and beyond!

Source: Bloomberg

Seems the mega tech are just taking turns going on runs to ever high prices.

  • MSFT the latest break-out into the close (healthy debate on the “right” read-through from ORCL print yday). If it feels like these FAAMG+ stocks are taking turns, it’s because they are:
  • META +25% in Jan/Feb 
  • AMZN +15% in Feb
  • GOOGL +17% in Mar/April
  • MSFT +15%
  • AAPL +25% in May/June
  • And yes, NVDA just cooked higher all year long, ex-the month of April.

Finally, which trades first - S&P 5,000 or 10Y Yield 3.5%?

Source: Bloomberg

The post-Powell-pivot regime has definitely changed.

Happy Friday!

See you Wednesday next week!

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