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Poor July numbers erase hopes of a strong second half to the year, where lockdowns and the 'zero-Covid' policy have undermined confidence and activity.
Unless we get breadth red for some meaningful number of days, we won't get back to even a moderate oversold condition. We simply remain overbought.
These recently downgraded names are displaying both quantitative and technical deterioration.
Let's check a covered-call play in PubMatic.