Goldman tech trader and specialist, Peter Callahan, writes that last week was a tough one for Tech as the Nasdaq went 0-5 on the week, the first time in 5 years and one of just 36 scoreless weeks for the NDX in the last 10 years.
The Goldman trader explains that while "market participants entered last week confident and convicted on the path higher for U.S. Equities (seasonals, technicals, policy optimism, positioning)", especially with his colleague Scott Rubner calling for a post-election meltup, "it sure felt like we exited the week confused and frustrated by all of the moving parts as it relates to possible policy implementations (gov’t spending, tariffs, HSS – Pharma, Food, etc) and macro cross-currents (Rates, stronger USD)."
