Market bias has shifted to the downside. This means late selloffs, like the ones we’ve seen more frequently during the past five-weeks, are always a possibility.

There are very few places to hide. Although momentum is getting a bid with memory stocks putting the brakes, on a rare period of weakness.

Morgan Stanley (MS) is out defending memory from the notion that TurboQuant will destroy demand.

That has shares of Micron (MU), Sandisk Corporation (SNDK), and others rebounding – though there isn’t much conviction behind it.

Don’t look now, but Claude strikes again.

The spokesperson for Claude reports that it’s a “general purpose model with meaningful advances in reasoning, coding, and cybersecurity.”

That’s enough to send, already vulnerable, cybersecurity names plummeting even further.

That, in turn, has slammed software stocks even more. Now, we are at levels that have held for the past two years.

The overall market is oversold, with parts of it extremely oversold. For now, it’s a wait-and-see game, awaiting headlines that the coast is clear.

Have a great weekend.