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June 20, 2024

Tech Tanks and the Flight to Safety Is On
By Blake Young

The Magnificent Seven oftentime market leaders were, collectively, down more than 1% by midday. The broader NASDAQ-100, around 55% of which is tech, was off around 0.06% over the same timeframe. 

That doesn’t sound like much, because it really isn’t, but the selling is important because it’s a sign of the times: The appetite for risk is drying up, and capital is increasingly making a classic “flight to safety.” 

You can really see this happening in the S&P 500 and NASDAQ futures, ES and NQ, respectively. 

I’m going to pull up my charts for both of those contracts to give us a sense of this from a technical perspective - very important. 

We’ll also look at how this is playing out in specific sectors we’ve been looking at lately, like utilities and healthcare, to name just two. 

TheoTrade Daily Chatroom Schedule for Friday, June 21, 2024
8:45 AM to 9:20 AM: Blake Young and Brandon Chapman do TheoTrade Live
9:20 AM to 10:30 AM: I’ll be getting us ready for the opening bell
10:30 AM to 11:30 AM: Professor Jeff Bierman shows you… The Way
11:30 AM to 12:30 PM: Blake targets more earnings trades
12:30 PM to 1:15 PM: Gianni Di Poce is watching currencies and a lot more
1:15 PM to 2:00 PM: Brandon checks top-performing stocks and sectors
2:00 PM to 3:00 PM: Tony Rago finds targets in NQ charts
3:00 PM to 4:00 PM: Corey Rosenbloom will make range and trend plays

Two New Moves to Make
Gianni and Brandon both dropped fresh recommendations in the chat. Gianni recommends nabbing a smaller pharma company at $17, and Brandon put on a vertical spread in “pet-tech” stock CHWY. 

Catch TheoTrade Live at 8:45 AM Tomorrow
Blake and Brandon will livestream tomorrow morning before the market opens. Stocks to buy and avoid, technical charts, sector rotation, and the macro stories moving markets - it’s all on the table. And, best of all, it’s completely free. 

Don Kaufman
Co-Founder, TheoTrade