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Nivida gets a downgrade. 

Super Micro Computer Inc. (SMCI) crashes on weaker earnings. 

Amazon is in the political crosshairs on tariffs.   

Apple turns to India to assemble iPhones.  

MSFT, META, QCOM, KLAC, EQIX, CP, AFL, ALL, MET, PSA, CCI, and HOOD all reported after the close. 

Microsoft and META beat earnings.  

MSFT rallied after hours. META did as well, but not as robustly. 

Between headlines and earnings, looking at the MAGS ETF representing MSFT, AAPL, NVDA, META and AMZN could shed some light. 

We have discussed a sustained tech rally when growth begins to outperform value. 

I wrote about the consumer still in the game. 

Can growth save the economy? 

We really want to see the inside sectors gain from here if this Nasdaq and earnings optimism is to spread to the more internal areas of the US market. 

While many of the companies today that reported create jobs and revenue, the tariffs could impact them going forward. 

The real economy is not in AI, while that will drive efficiency and productivity. 

The real economy is the small caps, retail and transportation sectors. This is where we see consumer and manufacturing stress. 

Looking at MAGS, we can see that $47 is a good place to clear and there is a chance it will open above it tomorrow. 

Nasdaq futures cleared the 50-DMA after hours. That must sustain. 

Bottom line is we are trading above the April 9th high after hours, which gives traders a swing point to hold and to bounce from. 

Remember, the gold to silver ratio peaked in 2022 which led to the bonds bottoming, the silver rallying and the SPY holding and eventually running higher. 

2025 right now looks like a repeat. 

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