last thursday, we had a similar decline to what we are seeing today...but it was for really no reason
then we recovered massively on fridayone week later, today, we are once again seeing new lows from last week for what it feels like is no major headlineamazing companies getting sold off on great earningsutilities, defensives, industrials leading the way$Verizon(VZ.US) is up 20% this year, last time it did that? 2006choppiness isn't even the word...this market is moody, emotional, thinks AI is dead one day then thinks AI will destroy every industry the next...just a hard environment to navigate but the winners of the past few years are simply getting destroyed regardless of good earningsthe major reason I can point to, i think, is capex spend is so large that big tech will see negative FCF and that is leading to a rotation out of not only big tech but also high-beta growth, many sectors (space, quantum, nuclear) all now down YTD compared to Januaryugly environmentSource: amit
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