Choppy Summer for Tech Stocks; Watch QQQ ETF Trading

The medium-term backdrop continues to point to a choppy summer for technology. Weekly momentum indicators, which track 1-2 quarter swings, have moved from oversold levels in early 2Q to overbought levels in early Q3, and continue to show evidence of peaking. I don’t believe this signals the end of the new bull market cycle that began in March, but it does suggest a healthy pause is likely underway after the impressive 2Q rebound.

My recommendation for long-term investors is to remain patie...

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