VRA Letter: Was the Mini Tech-Wreck Caused by a Leak of Powells Address? Where Are We and What We Think. - Vertical Research Advisory

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VRA Letter: Was the Mini Tech-Wreck Caused by a Leak of Powells Address? Where Are We and What We Think.

Good Wednesday morning. Following yesterday’s market action…featuring a mini tech-wreck…I said on my podcast that it felt like J Powells Jackson Hole address was leaked. I then posted this on my X account... The combination ...

Posted On August 20, 20254 MIN Read

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Good Wednesday morning. Following yesterday’s market action…featuring a mini tech-wreck…I said on my podcast that it felt like J Powells Jackson Hole address was leaked. I then posted this on my X account...

The combination of yesterday’s sell of NAIL, my podcast and then this post has generated a number of questions. Let’s address them this morning.

Yesterday’s decline in the semis and tech (SMH -2%, nasdaq -1.5%) came out of nowhere. One minute the markets were fine and the next minute the semis/tech were under heavy pressure. This had the feel of a major seller that thought they knew something. Over the last several years we’ve addressed government leaks from BLS economic releases often. These leaks are real and have only gotten worse…hence my paranoia.

My feeling was that a major firm (likely Goldman or JPM) had seen Powells prepared statements…they were hawkish…which was followed by selling in size...primarily of tech stocks...which would be hardest hit by a hawki...

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