Unorthodox Winners Emerge

The technology and semiconductor unwinding process we have seen over the last several trading sessions has been humbling for overly-aggressive and, perhaps, overconfident tech bulls. 

Nonetheless, this type of action is still part and parcel of a monstrous bull run and has yet to flash the more substantive signs of a major top--For that to happen, we would need to see far more selling of a longer duration of trading, combined with a vast array of failed dip-buying attempts.

That still may happen, but for now our focus is on taking each session one at a time and maintaining a watchful eye on the previously-disucsed sector rotations afoot. 

Beyond that, dip-buyers in the Nasdaq are, indeed, giving it a go this morning, stepping in to names like BABA MU NVDA, all prominent tech play which became short-term oversold. I will hold off on a more complete judgment of these dip-buy attempts until later on in the session, seeing as though we know that corrective stocks and markets tend to open strongly but close poorly. 

Having that said, CREE is a long-term turnaround play we have been observing for Members for a while now, a long-time downtrodden name which was an LED play of bull markets' yesteryear. 

On the CREE daily chart, updated below, note how the recent tech/chip pullback barely affected the name. This is a promising sign for the turnaround thesis, combined with sound technicals as price bases calmly above its major moving averages.