When I left off last my overall market view was no new highs in the broad stock market averages before further declines. The market made a new high on Wednesday of this week, so that view was empirically incorrect. The good news is my two stocks for shorts were ARKK and LVS. Both of these stocks are lower with LVS making new lows for the year. There are lots of stocks outside of the tech world, and some in it that are weak.

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The AI stocks and other high tech have held the market higher. The market has had a very strong 35 week run— one of the strongest in history in terms up versus down weeks over the 35 weeks. That situation can be bullish because trends do not give up without a fight. Hence the first move down after a new high — a high that wasn’t an acceleration blow off style top– is very largely a buy opportunity. So I will wait for that. A stock that I don’t like here if the market corrects is Shopify which closed Thursday at 61.50. Non Farm payrolls Friday morning. 

Thanks,

Joe