Quiet Riot

Things have been going quite well ever since Warsh’s speech on Friday, although the overnight session was quite tepid in spite of continued Iranian hostilities. As I’m typing these words about half an hour before the opening bell, the /ES and /RTY are effectively unchanged, while the tech-heavy /NQ (my focus) is down about a third pf a percent. Here is the /ES, which has modestly rallied to unchanged in recent hours:

Earnings reports continue to trickle out during this off-cycle, and shareholders went through an emotional roller coaster with most of them. Palo Alto Networks (PANW) had bulls high-fiving for about seven minutes or so.

The high-fives at MongoDB (MDB) were more on the order of three seconds (I can never figure out which lunatics put in these mega-bids just before the stock collapses).

Whereas Credo Technologies (CRDO) was kind of a non-event.

The one item whose gains actually stuck was the king of boring beige boxes, Dell (DELL). I can only assume that in exchange for the completely weird contribution that Michael Dell made to this cockamamie kids account scheme, there’s some kind of sweetheart mega-deal from the federal government to buy Dell stuff, but only the Lord knows.

I’m going into the day at a 150% commitment level across 40 different short positions. My two longs, GLD and SLV, seem to have stabilized and might wind up with a decent day ahead.