The FANG stocks are notably higher today vs. their February highs. While the overall market – using SPX – remains 10%+ from the highs, Tech (and FANG/crowded tech in particular), are the clear leaders and have been since the market bottomed. Before any real “selloff part 2” would ever commence, I think Tech losing its bid (for more than a day or two) has to happen first.
Tech is the key to this market. Have a great weekend.
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|Chart of the Day – June 25, 2020|