Saylor is Due for Rough Seas

The broad market continues to sleepwalk sideways-to-higher on a daily basis as we zoom towards the holiday season. Tomorrow is one of the most traveled days of the years (apparently the busiest day of travel each year is the Sunday after Thanksgiving), but we do have a deluge of data tomorrow morning which could move markets. 

That said, the glaring semiconductor weakness today and of late seems like it will come home to roost in due time. Last week we noted a prominent hot money name, Microstrategy, below on thee updated daily chart, putting in a massive bearish reversal candle (top arrow) after a pretty classic speculative chase to piggyback the move in Bitcoin. 

As we discussed, we were simply looking for signs of actual confirmation of the candle, rather than just acknowledging the candle only to see it peter out and not confirm lower, as has happened so often in this liquidity-fueled market bonanza. 

And we now have just that--Actual evidence of last week's reversal following-through aggressively lower. 

Going forward, the likes of PLTR need to follow suit to add credence to the idea of growth names broadly topping out, not to mention the obvious Magnificent 7 leader which have been mixed for a good while now, since GOOGL and MSFT are still well below their July highs.