The broad market is picking up steam as the NASDAQ bolts out of the gate on news Elon Musk has taken a 9.2% passive position in Twitter.  The move comes as a surprise, although Musk has telegraphed his displeasure with Twitter in recent tweets.  But the assumption was maybe the man that built world class auto and space companies from scratch would do the same.

The news has sparked massive bottom fishing in broken tech names.

On the S&P 500, it’s Communication Services leading the way by a mile.  The XLC has a long way to go after being drubbed hard this year. Resistance begins right here up to 72 where it begins to fill a giant gap.

Musk has everyone buying the dip, which has Netflix (NFLX) and Meta (FB) moving much higher as well.

Sans the Musk news, this market was poised to mark time now that all the major economic data for the month is out and we await the FOMC minutes for any surprises.

That being said, action could come from higher highs pressuring money on the sidelines to join the party. It should also be noted smart money has sold the heck out of this market and have giant short positions.

I know they hate to lose to retail, but they might wait so long they spark a massive short squeeze.