QQQ closed at $730.28, pushing its 5-day win streak to seven sessions, while the 10-year yield settled at 4.47% — a near-perfect backdrop for risk as we head into a heavy earnings slate. Gold’s 1.7% drop today suggests a flight *to* risk, not from it, and confirms the narrative that equity upside is still dominant.
Technology (XLK +1.2% 5d) continues to lead, fueled by semi momentum. MU, AVGO and KEYS are all breaking out, and the XLK/SPY ratio is hinting at further outperformance. Energy (XLE) is a standout contrarian play, up for a third day with crude stable — suggesting institutional accumulation ahead of OPEC meetings, despite broader commodity weakness.
We’re watching MRVL (earnings after close — semis read-through), BKR (broke $60 last week — momentum confirmation), and SNPS (earnings tonight — chip equipment bellwether), and HEI (earnings tonight — infrastructure read).
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