US STOCKS: NASDAQ - Breaks To New All-Time Highs
The NASDAQ(NQZ6) contract overnight range was 30670.00 - 31065.50, NDX closed +0.82%. It is currently trading 31045 in the Asian session. The Index has broken up and extended to new all-time highs again overnight. Risk has reversed dramatically since the FOMC and a single stock like META being up around 30% for the month of September is an indication of the money flowing back into the Tech/AI space. I suspect the dips could now be well supported as the bulls try to build on this upward momentum. On the day, in the NQZ6 contract the initial support is now back toward 30200-30500 where I suspect the bulls would be waiting, hoping to see the move accelerate above the highs. * Kurt S. Altrichter on X - "META is having its best month in more than 12 years. Meta Platforms is up about 27% in September, on track for its biggest monthly gain since July 2013. When a company this size jumps 27% in a single month, it is not trading like a mega-cap. The market is repricing its AI story in real time, and this is the leadership that pulls an index higher." * Ed Zitron on X: "I estimate that ~50% of AI chip sales - $200bn to $300bn+ - are sitting in warehouses, with NVIDIA selling hundreds of bill
82%. It is currently trading 31045 in the Asian session. The Index has broken up and extended to new all-time highs again overnight. Risk has reversed dramatically since the FOMC and a single stock like META being up around 30% for the month of September is an indication of the money flowing back into the Tech/AI space.
I suspect the dips could now be well supported as the bulls try to build on this upward momentum. On the day, in the NQZ6 contract the initial support is now back toward 30200-30500 where I suspect the bulls would be waiting, hoping to see the move accelerate above the highs. * Kurt S. Altrichter on X - "META is having its best month in more than 12 years.
Meta Platforms is up about 27% in September, on track for its biggest monthly gain since July 2013. When a company this size jumps 27% in a single month, it is not trading like a mega-cap. " * Ed Zitron on X: "I estimate that ~50% of AI chip sales - $200bn to $300bn+ - are sitting in warehouses, with NVIDIA selling hundreds of billions of GPUs years in advance. " Article - * Edward Dowd on X: "We call this forward buying ahead of utilization.
This is a natural phenomenon of any capex boom. Same thing happened during the telecom equipment/fiber build out in the late 90's. Physical constraints, project delays and financing ultimately caused a slowdown. Eventually that earmarked forward equipment inventory started to enter the secondary market and customers stopped ordering.
It's called a cycle. P