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But some investors are concerned markets could be due for a broader unwind without the help from AI names. As it is, five of the Magnificent Seven names dropped last week, with the exception of Nvidia and Meta Platforms. That advance has helped the S & P 500 climb for 16 out of 19 weeks, notching record after record in its ascent. "A consolidation in the AI trade has been overdue for a while now, so Friday's key reversal day could signal the start of that unwind." NVDA 5D mountain Nvidia Crowding in AI Indeed, other market observers warned investors the overreliance on AI beneficiaries this year could mean danger for the overall market.
Persons: Jonathan Krinsky, Peter Boockvar, semi's, Dubravko, BTIG's Krinsky, there's, Russell, Chris Verrone, Goldman Sachs, Krinsky, Samantha Subin Organizations: Nvidia, Meta, Apple, AMD, Bleakley Financial, Google, JPMorgan, Sunday
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLarge-cap financials face some risk to the downside, similar to the regionals, says BTIG's KrinskyJonathan Krinsky, BTIG chief market technician, joins 'Closing Bell' to discuss his expectation for more downside risk to the market.
Persons: BTIG's, Jonathan Krinsky
"It's beginning to look a lot like 'VIX-mas,'" Jonathan Krinsky, chief market technician at BTIG, wrote in a note Sunday. Wells Fargo's Chris Harvey on Monday wrote that a low VIX is historically a bad sign for markets entering a new year. .VIX 5Y mountain CBOE Market Volatility Index, 5 years "We think 2024 will be a 'trader's market,' not a buy-and-hold situation," Harvey wrote. "But we ultimately think, you know, beyond that, it's poised to go lower just given the low volatility cycle that's been in place." The question is whether we are entering a new period of low volatility as the norm starting in 2024.
Persons: Jonathan Krinsky, BTIG's Krinsky, Wells Fargo's Chris Harvey, Harvey, SPX, Will Tamplin, Tamplin, it's, Oppenheimer's Ari Wald, Wald, " Wald, Krinsky Organizations: Apple, Microsoft, Nvidia Locations: U.S
The S & P 500 surged by 5.85% last week, its best weekly performance going back to November 2022. .SPX 3M mountain S & P 500 But a number of market participants are concerned the rally has more to do with short covering. Of those instances, the S & P 500 was down five days after the move, by more than 1% on both an average and median basis. Commodity trading advisors also accelerated short covering, notably turning short in the front end, according to a Bank of America note on Monday. Elsewhere, Citi's Chris Montagu said S & P 500 futures positioning remains "moderately bearish" following the short-covering rally.
Persons: Chris Senyek, Senyek, Goldman Sachs, BTIG's Jonathan Krinsky, Krinsky, Citi's Chris Montagu, Montagu, Wolfe Research's Senyek Organizations: Wolfe Research, Nasdaq, Bank, America, Federal
Treasury yields are spiking to levels not seen in over 15 years, causing sell-offs in many of the market's biggest bond funds. The iShares 20+ Year Treasury Bond ETF (TLT) closed at $89.18 on Monday, which was its lowest close since Feb. 10, 2011, according to FactSet. The Fed's target interest rate is already above 5%, as are short-term Treasury yields. But the long-term decline in bond yields began roughly two decades before that. That trend may finally have reached its turning point, Jim Grant, founder of Grant's Interest Rate Observer, said Tuesday on CNBC's " Squawk Box ."
Persons: Bruno Braizinha, Braizinha, Goldman Sachs, Cecilia Mariotti, Mariotti, Ajay Rajadhyaksha, Jonathan Krinsky, Jim Grant, Grant, BTIG's Krinsky Organizations: Treasury Bond ETF, iShares, Aggregate Bond, Treasury, Bank of America, Barclays, Federal
BTIG's Krinsky gives his read on the technicals in big-cap tech
  + stars: | 2023-08-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBTIG's Krinsky gives his read on the technicals in big-cap techJonathan Krinsky, BTIG chief market technician, joins 'Closing Bell' to discuss the trouble he sees in the technicals.
Persons: Krinsky, Jonathan Krinsky
Last week's hiccup in the stock market rally could expand into a seasonal slump, according to Wall Street technical analysts. The S & P 500 fell 2.27% last week for its worst week since March, closing at 4,478.03. Oppenheimer technical analyst Ari Wald said in a note to clients dated Saturday that the market is "developing as a textbook seasonal correction." The S & P 500 is still up more than 16% year to date even after last week's decline. In fact, a 5% pullback from Tuesday's close in the S & P would take you just shy of the August '22 highs," Ginsberg said.
Persons: Oppenheimer, Ari Wald, Wald, Wolfe, Rob Ginsberg, Ginsberg, Jonathan Krinsky, SPX, BTIG's Krinsky, — CNBC's Michael Bloom Organizations: Street, Nasdaq, Investment, Twitter, Wolfe Research
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDownside more likely than a bounce as markets head into year end, says BTIG's KrinskyJonathan Krinsky, BTIG chief market technician, joins 'Closing Bell: Overtime' to discuss his technical take on the year-end rally.
The market doesn't move in straight lines, says BTIG's Krinsky
  + stars: | 2022-09-19 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe market doesn't move in straight lines, says BTIG's KrinskyBTIG's Jonathan Krinsky joins 'Closing Bell: Overtime' to discuss stocks, what he thinks the Fed is likely to do at this week's meeting and how it could impact the overall market.
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