Worth noting today is the defensive rotation after DJI down 1.23% to 52215, SPX down 0.52% and IXIC holding better down 0.21%. Market is weighing oil breaking 100 adding inflation pressure and the Tesla SpaceX merger hype reversing with SpaceX down 9.14% and Tesla down 3.08% on governance and dilution concerns.
Stocks to watch: Tesla and SpaceX for follow through selling, BigBear AI after that Google deal still volatile, Lam Research which dropped 17% last week needs to show recovery, and defensives like Procter and Gamble, Costco, Walmart, Coca-Cola and Berkshire for continued safe haven flow.
Trading plan: I am not chasing defensives at highs, waiting for tech to wash out. If Nasdaq holds 25900, could look for bounce in oversold AI names, otherwise stay defensive with cash heavy names.
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