Reality checkThe AI trade finally got a reality check. SOX suffered one of the worst sessions in its history, leveraged ETFs became forced sellers, and investors suddenly rediscovered their love for puts.The charts below tell the story of Friday's unwind. The final chart may be the most important one.
The Most Important SOX Chart Right Now
Nomura estimates Friday's leveraged ETF rebalance forced roughly $52 billion of selling, led by $23 billion in Semis, $18 billion in Tech, and nearly $5 billion in the Mag 7.
49 words~1 min read
