Friday Thoughts: 8/2 - I will be adding to some positions today, likely within the next 30 minutes, as this decline picks up steam. I may wait until the last hour of they day to gauge sentiment.
As I mentioned yesterday, I do think the Fed missed an opportunity on Wed. and like they waited to long to start raising rates, they are waiting too long to start decreasing as well.
Watching some of the top tech names that have already declined 20-30% or more, some upwards of 50%, and looking for an entry. Names like AVGO, MU, QCOM are at the top of the list depending on current weight, while other names such as ARM, MRVL, VRT, AMD also make the list for addition. I do not have a position in VRT as of yet. And of course, NVDA could be added to even though I'm overweight. I don't think end of August earnings is an ordained higher move though a steep drop here makes for a more compelling trade for higher potential when main/Wall street feel better about the valuation.
I had trimmed big tech and financials in the last month, rolled a lot of that money into bonds, and I may roll that money back into some of the names I trimmed, or new names.
Stay patient. |
