Technology Stock Roundup - Monday 10 July
The grownups are back at work today. Where next for tech?
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Waving Or Drowning?
The huge rally in tech stocks in H1 2023 took many by surprise. But not you. As a reader of Cestrian Tech Select you saw time and again our posts in the third and particularly the fourth quarter of 2022 showing how growth stock prices looked to have bottomed and, more convincingly, how large account players appeared to be accumulating the Nasdaq and its larger components - as well as many high beta names such as MongoDB MDB 0.00%↑ , CrowdStrike CRWD 0.00%↑ and others. If you were a Pro-tier member here you would also have seen us bang the drum on this topic over and over all through Q4. We trust you were able to use our work and make it your own in order to ride the wave upwards!
MongoDB MDB 0.00%↑ - Cestrian Accumulation & Markup Zones
You can open a full page version of this chart, here.
Right now however, tech has run up a lot, like, a lot-lot, and the question is whether FOMO from those who missed out will overwhelm the inevitable profit-taking from those who were buying the lows?
Let’s take a look at the Nasdaq to see whether bulls or bears are winning at present. Here we use the NQ futures chart. As you know, futures have longer trading hours than equities or ETFs, so we have a little more data to play with using NQ rather than the actual index, or the QQQ 0.00%↑ ETF and so forth.