Welcome to August. In recent days I’ve been beating the drum about tech stocks and a potential peak emerging there (see Tech Alert and Peak Tech?) and so far the action still points to that possibility. However I also want to keep a close eye on the bullish side of the equation both from a technical as well as a macro perspective.
The reason I’m bringing this up now is because seasonality seems a bit off this year so far.
Specifically I’m talking about midterm seasonality which suggests downside to emerge ahead of mid term elections: