Green Shoots

Good morning! Happy Monday!

NASA’s Artemis II mission has entered into the Moon’s sphere of influence. Its crew shared epic photos of the journey. Have a look. 

The market of stocks is still a mess, but green shoots are starting to bloom. 

The Nasdaq-100 ETF $QQQ failed to break lower after last Monday’s 6-month low close. It’s too early to call it a failed breakdown, but from failed moves come fast moves… Stay sharp. (ht JC Parets)

The Technology sector experienced similar price action. $XLK flushed last Monday, only to be met with buyers. 

I’m having conversations every day expressing how exciting it is in tech. Claude is incredible. I’ll share more soon, but it’s hard for me to believe tech is in trouble when a single individual can build a 9-figure business. Just sayin.

Aerospace + Defense continues to be a theme displaying relative strength. The US Aerospace + Defense ETF $ITA kissed off its 200D moving average and has thus far held its gain. 

Drones - the market’s aviation innovation darling - is consolidating in a wide, sideways range. I’m cautious, but ready for a resolution to the upside. 

Perhaps it's time to buy in May and go away. ;)

I’ve started to nibble. 

But what could go wrong? 

A few things - first, more sellers than buyers. I don’t mean to be cheeky. Sometimes it’s really that simple. 

And the SpaceX IPO has my attention. The media touts a $2T - with a T - valuation. This is far greater than Elon’s EV maker. These blockbuster IPOs are often found closer to market tops, but anything’s possible. 

The biggest tell for me was to see “bad news” not being punished in the price action. Following Trump’s address last Wednesday night, where he called for escalation in Iran, I would’ve guessed Thursday’s session would’ve sucked. It didn’t. To me that’s information. 

Today’s session has only just begun. Let the pros own the close.