Darrell Cronk (Wells Fargo) upgraded tech on April 6, funded by selling energy at $105 oil. He sees tech as a 'free lunch'—20-21x P/E with 35% earnings growth vs market's 17%. He expects 10-year yields to rise to 5%+ (nominal GDP rule), causing indigestion. Market focus is on forward guidance, not Q1 earnings. He stays up in credit quality, avoiding high yield.
explicit
implicit
RUT
implicit
Metals
USD
Wells Fargo
8.0
Investment Bank $1900.00B
Darrell Cronk 9.0
Investment Bank $1900.00B
Darrell Cronk 9.0
4/17/2026 6:51:24 PM
ndx
Recently upgraded tech (implying bullish view), cites tech's 11% rise in two weeks, calls tech a 'free lunch' due to double earnings growth at market multiple, and states valuations aren't stretched. No explicit directional forecast for NDX, but strong positive view on tech sector.
| 12/19/2025 11:43:35 PM | short term up | 7 days later | +0.25% | +0.25% |
| 12/6/2025 1:57:50 AM | long term up | 60 days later | -2.15% | -2.15% |
| 11/11/2025 11:19:10 PM | short term up | 5 days later | -2.81% | -2.81% |
| 11/7/2025 10:27:28 PM | short term up | 7 days later | -3.17% | -3.17% |
| 10/24/2025 12:04:36 AM | short term up | 7 days later | +0.59% | +0.59% |
| 10/7/2025 12:54:42 AM | short term up | 5 days later | -1.54% | -1.54% |
| 10/3/2025 5:51:34 PM | medium term cautious up | 21 days later | +3.37% | +1.69% |
| 9/23/2025 11:33:29 PM | medium term up | 20 days later | +0.31% | +0.31% |
| 9/4/2025 8:56:40 PM | short term cautious down | 5 days later | +0.83% | -0.42% |
wti
Funded tech upgrade by selling energy when oil was at $105; notes energy is down 6% since that trade. Suggests equity market reacts to oil prices daily, implying oil price movements are a key variable but doesn't give explicit directional call.
| 3/3/2026 6:19:39 PM | short term cautious down | 5 days later | +26.94% | -13.47% |
yields
The 10-year at 4.30% needs to be higher. The old rule of thumb is the 10-year should equal nominal GDP, which easily has a 5 in front of it. The yield curve has to go higher due to inflation premiums and growth themes.
Belief that nominal GDP is above 5%, implying yields are too low relative to economic fundamentals.
| 4/14/2026 1:22:44 AM | medium term cautious up | 20 days later | +3.13% | +1.56% |
| 1/22/2026 4:03:42 PM | medium term cautious down | 20 days later | -3.18% | +1.59% |
| 1/21/2026 12:39:17 AM | short term cautious down | 5 days later | -0.61% | +0.31% |
| 1/15/2026 2:22:02 AM | short term cautious down | 5 days later | +0.52% | -0.26% |
| 12/6/2025 1:57:50 AM | short term up | 7 days later | +0.24% | +0.24% |
| 11/25/2025 9:29:21 PM | medium term cautious up | 20 days later | +3.78% | +1.89% |
| 10/29/2025 8:17:20 PM | medium term cautious down | 20 days later | +0.98% | -0.49% |
| 10/8/2025 8:58:05 PM | medium term cautious down | 20 days later | -2.17% | +1.08% |
| 9/11/2025 9:13:15 PM | short term cautious down | 5 days later | +0.37% | -0.18% |
| 9/9/2025 2:56:46 PM | short term sharp down | 5 days later | +0.05% | -0.07% |
| 9/4/2025 8:56:40 PM | short term cautious up | 5 days later | -1.32% | -0.66% |
| 8/21/2025 1:22:02 AM | medium term cautious down | 20 days later | -5.85% | +2.92% |
| 8/19/2025 1:48:18 AM | medium term cautious down | 20 days later | -5.17% | +2.58% |
| 7/16/2025 3:14:00 AM | short term up | 5 days later | -2.85% | -2.85% |
