Inflating, deflating and reflating - are historically 'par for the course, with all tech bubbles, plus we don't really know that what we're experiencing so far this year is indeed a classic bubble. It may be for 'hardware' or 'data centers', but just early innings for Application software, which is just getting ... hotter.
 

Pexels
 

This is Tuesday, and as there's defensive action before we hear Chair Powell tomorrow, there's not a whole lot to add, though I'll review the basics. This is my ongoing streamlining of work-stream with some days having embedded or accompanying comments with charts, or occasionally longer-form reports.
 

Yes, the financial press will blame today on Tesla or Apple and that's a part. Of course my view was (TSLA) shouldn't have been in S&P in the first place, but that's another story. And I won't talk about 'rust' in Cyber Trucks, but I did see one on Saturday, and honestly didn't like it. But that's just me.

For Apple, it will be fine in the long run, but for a while we've grown more to being under-enthused in-part due to China, and also very unimpressed with their Vision Pro (innovation in new hardware that makes sense... like a new all-in-one iMac) is lacking, while the ecosystem is doing fine with regard to revenue and software features. We have some Apple stock, and that's it aside the importance for the overall market.
 

Despite being in suspense about how long this process of 'switching' from big-cap emphasis to the broader market takes, that's the general (even only) bullish concept for the market this year. It's not a seamless rotation, as today's action showed.
 

More By This Author:

Market Briefing From Friday, March 1
Market Briefing For Monday, February 26
Market Briefing For Tuesday, February 20