XLK Monthly: VPA Anomalies Show the Tech Rally Was Built on Sand

XLK Monthly: VPA Anomalies Show the Tech Rally Was Built on Sand

by David Coulling Comment Closed
XLK Monthly: VPA Anomalies Show the Tech Rally Was Built on Sand XLK is the State Street Technology Select Sector SPDR ETF. It tracks the technology sector of the S&P 500 and is heavily concentrated in a few mega-cap names. The top three holdings — typically NVIDIA, Apple and Microsoft — usually account for around 40% of the fund, while the top 10 make up roughly 65%. When you analyse XLK, you are largely analysing the price behaviour of the biggest technology stocks. You can read any chart with volume and price. On the monthly timeframe for XLK, the anomalies are glaring and simply confirm what many of us suspected and commented on at the time: the tech rally was built on sand. The hard evidence is sitting right there in the ETF itself. The Candles That Tell the Story Look first at the two candles of September and October last year (red arrows). These show the kind of action we expect in...
Read More
Intel’s Climactic Reversal: Extreme Volume, a Closed Weekly Volatility Trigger, and the Road Ahead from a Volume Price Analysis Perspective

Intel’s Climactic Reversal: Extreme Volume, a Closed Weekly Volatility Trigger, and the Road Ahead from a Volume Price Analysis Perspective

by David Coulling Comment Closed
Intel’s Climactic Reversal: Extreme Volume, a Closed Weekly Volatility Trigger, and the Road Ahead from a Volume Price Analysis Perspective Intel’s collapse on Friday was one of the defining moves of a difficult session for technology stocks. After reporting third-quarter results that beat expectations on both revenue and adjusted earnings, the company issued fourth-quarter guidance that fell well short of consensus. Management pointed to a continued PC market slowdown, elevated memory costs, supply constraints, and the lingering effects of a factory incident in Israel. The reaction was immediate and severe. Intel closed at $65.76, down roughly 28.6% from Thursday’s close of $92.07, on volume of approximately 448 million shares. The move contributed to a broader sell-off across the semiconductor complex, with Nvidia and other high-profile names also under pressure as investors reassessed AI-related spending, cash-flow timelines, and near-term demand. The VPA Precursor: Narrowing Spreads on Falling Volume From a pure Volume Price Analysis standpoint, the setup for this reversal had already begun to...
Read More
The Great Power Pivot: How Digital Miners Became the Backbone of the AI Revolution

The Great Power Pivot: How Digital Miners Became the Backbone of the AI Revolution

by David Coulling Comment Closed
The Great Power Pivot: How Digital Miners Became the Backbone of the AI Revolution The global investment landscape is currently witnessing one of the most significant industrial migrations of the 21st century. As we navigate the mid-point of 2026, the narrative surrounding "Bitcoin Miners" has fundamentally shifted. No longer are these companies viewed merely as speculative proxies for cryptocurrency prices; they have emerged as the "Landlords of the AI Age." The reason is simple: Artificial Intelligence is hungry. To train and run the next generation of Large Language Models (LLMs), hyperscalers like Microsoft, Google, and Meta require three things that are currently in short supply: High-density power, massive cooling infrastructure, and grid-connected land. The companies that once spent years securing these resources for Bitcoin mining are now the only players capable of meeting AI demand in real time. In this deep dive, we will explore the AI infrastructure landscape through the lens of five key players—IREN, APLD, CORZ, CIFR, and WULF—and look at the...
Read More