The Morning Dose

Morning Dose #375: Big Tech Bleeds as Market Rotates – Thursday 11/5/2026

Episode 375Nov 5, 20265:29

Seek

0:005:29

Episode summary

A pre-market briefing on a split tape: Goldilocks macro data and lower yields are lifting rotation sectors, while Nasdaq futures and semiconductors fall on fears that Democratic control of Congress raises AI CapEx risk via antitrust and tax scrutiny. The hosts cover breadth, oil risk, SPY levels, action codes and scan ideas.

Key points

Regime is cautious: 57.55% of stocks above their 40-day MA, with 909 bulls vs 489 bears on the 4% gauge.
Policy fears hit AI hardware: SMH down 3.4% pre-market and Qualcomm down 9.75% to $156.30 despite an earnings beat.
Breadth thrust: the 20-day SMA reading jumped from 57% to 95% in one session, with consumer discretionary and financials leading.
WTI crude near $90 is a risk to the rotation, and SPY is pinned at its 20- and 50-day MA cluster.
Today's action codes are CRT and T3A; avoid catching falling semiconductor knives and focus on rotation beneficiaries like CVNA and FDX.