FOMO check: Everyone is saying, “AMD bounced 11% Friday—don’t miss it, AI will send it to the moon.” The stock is still 30.9% below its high.
→ Oct 6 high: $649.42. Friday close: $449.04.
→ Thursday −17.3%, Friday +11%: the bounce recovered only about half the drop.
→ Buyers at the high need a 44.6% rally to break even.
I don’t see the 11% bounce as confirmation of a bottom. Friday’s volume was only about two-thirds of Thursday’s. Worst case: if AMD closes below Thursday’s $402 low, buyers at the high would be down more than 38%. That’s the level I’m watching.
#Stocks
Watching: $AMD $QQQ
→ Oct 6 high: $649.42. Friday close: $449.04.
→ Thursday −17.3%, Friday +11%: the bounce recovered only about half the drop.
→ Buyers at the high need a 44.6% rally to break even.
I don’t see the 11% bounce as confirmation of a bottom. Friday’s volume was only about two-thirds of Thursday’s. Worst case: if AMD closes below Thursday’s $402 low, buyers at the high would be down more than 38%. That’s the level I’m watching.
#Stocks
Watching: $AMD $QQQ
