Confidence In Big Tech?

We noted last weekend in NFTRH that it was probably not a good thing that the VIX’s tech-related cousin, the Vixen was dropping in lockstep with the expected bounce in the Nasdaq 100.  Here’s the weekly chart.

Much like you want to see a stubborn refusal to accept risk at a bottom, you want to see them buying back risk on a bounce at a top.  Well, you want to if you are short, which I am.

Here is the weekly view of the index to which the Vixen is assigned…

A big, earth shattering top in the making?  No, not at this point.  But NFTRH+ (currently operating in low gear in a sort of ‘beta’ release to work out the kinks, with the actual launch planned in September) has laid out a downside target for subscribers to consider.

There are several big tech stocks (and some smaller ones) I want to buy and/or buy back.  Maybe later in the year would be a time for a resumed bull or a bear market rally. Or less likely, maybe the confidence shown in the Vixen will prove correct and the current bounce attempt will turn into a bull resumption.  But with so many things falling apart beneath the surface of the market, that is a lower probability.

One thing is for sure; this market, which became very un-fun for me as I failed to capitalize upon it after calling the bull right into the face of an incredulous financial adviser extended family member, is now very fun and very interesting. 2014 is the ‘macro pivot’ year after all, a time when perhaps people who do their homework – as opposed to just show up and follow trends – will be rewarded.