• If the weakness in a few big-cap tech names that we saw late last week…spills over into the rest of the group…it’s likely going to create some problems for the broad market.  Overbought groups can see outsized declines…even if their fundamental outlook remains strong.
  • Bitcoin is seeing some meaningful weakness.  It’s still well above its most important support level, but it has broken another one.  This could have some important implications for other risk assets…given that Bitcoin is a key indicator of net liquidity in the system.
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