Someone Needs to Set Up a Spite Store Next to Big Tech

Although not an overly busy week coming off the holiday, in terms of earnings and macro data, we do have COUP SMAR reporting tonight, followed by the likes of GME LULU and RH, then AFRM ZS KR later in the week. 

The take-home message today was that even though small caps reversed down noticeably off their morning strength to dovetail with the volatility in crypto land, many large cap tech leaders remain unperturbed, even with higher rates. I expect that to change in due time. But, after all, old habits die hard. 

For now, the issue is whether the Nasdaq succumbs to this seasonal and, frankly, overdue bout of choppy action. I still think it is more likely than not that today's big cap tech strength was a last gasp of sorts in the interim. However, it is fair to say that the burden rests with bears in light of the overall tape in recent quarters if not years. 

Some virus-related plays to watch long this week, acting well here: BNTX MRNA YOU.