Good Morning Folks -
In last yesterday’s 9/9 Daily Plan shared with members before the opening bell, we shared the following view on the Nasdaq-100 NQ (QQQ ETF Proxy). I do a significant amount of research in the background and keep my notes to folks extremely simple to understand. See below.
Yesterday we checked of #1. In the pre-market session now, #2 has been essentially reached.
I am now eyeing the potential to break the upside range in #2 or approach #3 for the rest of this week/early next if tonight’s presidential debate doesn’t throw a shocker and CPI/PPI goes well.
In terms of news from my focus area (U.S./China tech), a couple constructive updates:
CEO Larry Ellison said demand for AI was tremendous in the Oracle’s earnings call. From the WSJ, “Oracle also reported a boost in its business from new contracts worth $3 billion for 42 additional contracts for Nvidia graphic processing units, signaling fast growth in its AI business.” This is especially bullish for Semiconductors like NVDA that are now actively attempting to form a bottom-base building again.
TSM reported monthly sales in August that grew 33% from last year.
Alibaba has been added to the Shenzhen Hong Kong Stock Connect, which opens up a new pool of investors for the company.
I will have more strategy/context in my upcoming Daily Plan for Members - make sure to join us!
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