Jun. 9 at 9:27 AM
$SPY $QQQ $SMH $NVDA $TSLA
As the train pulls toward London and my trip comes to a close, my read on the market is largely unchanged from where I left it last week. The bounce was expected and welcome, but I do not believe the selling is finished. Friday cleared some froth, Monday gave a portion of it back, and I suspect we see another leg of weakness before this consolidation has run its course. That is not a bearish call. It is a recognition that a market this stretched and this crowded needs more than one bad day to reset properly.
The longer-term case stands firm. Earnings are set to grow roughly 25% this year on the strength of agentic AI, the breadth beneath the megacaps is genuinely encouraging, and I expect a strong rally into the midterms once this housekeeping is done. The IPO wave will bring volatility and the OpenAI filing in particular will test how the market reacts to seeing the financials behind the curtain, but transparency is ultimately healthy
https://dansheehan.beehiiv.com/p/the-us-is-calling
