Google (GOOG) launched Ai tool Gemini, stock is up 5%. Advance Micro Devices (AMD) unveiled its latest AI accelerator Instinct MI300X, which has drawn several analysts' positive reactions. Raymon James reiterated strong buy and raised AMD price from $125 to $140. AMD is up 7%.
The strength of both GOOG and AMD have led a strong tech stock rally this morning. The Nasdaq Composite is up over 1.10%, the S&P 500 is up 0.6% while the Dow trading flatline to down is the weakest. The near 1 1/2 month rally have driven both the Nasdaq and S&P 500 very close to their July highs 4607 and 14446 resistances. With the AAII bearish sentiment at 6 year low indicating extreme optimism, and major index facing stiff resistances, it is going to be hard for the indexes to breakout. Even though stock market is up strongly today, the stable Fear Gauge VIX/UVXY is reflecting investors concern. Further consolidation/retracement to digest recent gain is needed for the stock market before a Christmas rally.
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