The morning session handed us a clear rotation story: energy and comms winning, tech getting crushed. Here's what I'm watching into the close.
Morning opened with the rotation I was half-expecting but it came harder than anticipated — tech down 1.41% while energy ripped +1.24% and comms followed. SPX is only off 0.32% because the sector spread is doing the heavy lifting. The tape character has shifted from broad risk-on to selective. That matters for sizing into power hour.
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I trimmed my tech exposure at the open when the sector broke early. Still holding my gold position — $4,544 is a mild pullback, not a trend break, and I'm not moving my stop below $4,500. Added a small energy exposure through the morning given crude's strength. Day trades are half-sized today; the 10Y yield pushing to 4.605% with a weak dollar is a mixed signal I respect.
Into power hour I'm watching GCTS for that $2.50 reclaim. If SPX holds $7,350 through 3pm, I'll look to add back a quarter position in my index exposure. If it breaks, I stay flat into the close.