Is the Love Affair With Tech On or Off?

 6/23/2026

Above every major index closed down today.  DOW was positive earlier but sold off this afternoon.
 

 I commented this seemed an odd chart pattern.  Notice the gap down June 6, up June 16,and then down today. Buyers are chasing news not sure of whether to be short of long the tech securities. Either way it is lop sided with not enough on the other side of the trade to do anything but gap up or down. 

The same is true for the semi-conductor trade in SOX. It looks a low like the NDX graph because both contain many of the same securities. 

NDX 6 Months - momentum is waning

 As usual the media is long on talk and short on the details of the SpaceX bond offering. I read it is investment grade, how can that be the firm has no income or that it is senior unsecured debt due 2056. So will wait to attempt to find details. 

WMT finally jumped 2% but still has that large gap overhead. 

Vance and Company are allowing Iran to sell oil so oil price is a smidge lower. Now Hegseth wants $80 B to recover what they blew up, literally, in Iran. How are we really much better off?  Now Iran talks of insurance and fees to pass Hormuz. Follow on https://understandingwar.org/.