Blue chips are diverging with tech stocks again this morning after some major earnings reports on Tuesday in the form of Google parent Alphabet (GOOG; GOOGL) and AMD (AMD).
GOOG is up about 6.5% while AMD is down around 7.5% on the heels of those reports.
There’s pressure on the blue-chip Dow stocks because of rising interest rates, which is a real problem right now.
But not so fast for those cheering tech stocks…
Volatility is keying off blue chips, and if it doesn’t revert lower, then tech stocks will start to suffer.
A disjointed market means we’ll see a lot of volatility, largely in part due to all of the ETFs that hold baskets of stocks. Some stocks in those ETFs are going up and some down, which means no directional bias.
Crude oil is still on the outs while gold is still looking great. However, I would not buy gold at these levels — I would wait until it comes back to the VWAP to load up. That doesn’t mean I’d sell what I’m holding, just that I wouldn’t initiate new positions just yet.
I have a couple of gold stocks to watch in today’s video!
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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