The price of chasing tech upside just collapsed.
The Tech ResetTech has bounced, but the reset beneath the surface remains extreme. Positioning has collapsed just as earnings revisions keep moving higher, semis still lag fundamentals and volatility has become materially cheaper. With NDX parked below 30k, the next break could matter. Time to revisit the upside.Parked up here
NDX positioning is the most bearish since ChatGPT launched.
Roughly 85% of the April-May leveraged ETF build-up has already been unwound, according to JPM. There are simply far fewer…
"Hard to believe given all the “bull market” talk in Tech, but the Nasdaq is quietly lower on 6 of 9 months."
Everyone sold tech. Then this happened.
"After the hawkish pause of the Fed earlier in the month, one would have expected market exuberance to stall, but that doesn’t…
Tech: Hedge funds have aggressively dumped exposure, downside hedging has surged, and hyperscalers have suffered one of their…
