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HALFTIME REPORT: TWO HOT TRADES MAY BE OVER
The S&P 500 slipped lower on Friday after a sharp retreat in commodity prices and disappointing results from National Semiconductor led investors to book profits in energy and tech -- sectors that have recently been scorching hot.
The Reuters/University of Michigan Surveys of Consumers added to the downward momentum after results showed consumers were worried about inflation and labor market uncertainty.
With money rotating out of tech and energy, how should you be positioned?
Instant Insights from the Fast Money deskIt seems to me that over the past several weeks money managers have piled into the resource and energy names not wanting to miss the next leg higher, explains Fast Money trader Joe Terranova. However, now the space is very crowded. As a result, I believe it’s time to get flat.
I think the pause in the market is a typical Friday pause, counters Zach Karabell. It’s a summer week-end and I expect to see a lot of pauses like this one on Fridays.
To me it's all about the dollar , adds Jim Iurio of TJM, which has stalled. That’s why I think the market is paused.
I’m looking for the DXY to test it’s 200-day moving average, says Katie Stockton of MKM, and that’s where I’d sell it. And on the S&P resistance is right around 944.
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