FYI, U.S. tech was the most net sold sector this week thanks to the OpenAI ARR scare.

This breaks the trend where U.S. tech was the most net bought sector in the 4 weeks before.

Investors rotated capital away from Semis into Software...or as I like to say "defensive tech".

My prediction from ~6 weeks ago around market choppiness has proven to be correct....but I cannot emphasise enough how crucial the next few weeks are:

1. CPI on Wednesday = rates read-through.

2. Earnings for big tech and semis.

3. Midterms = potential for easing Iran tensions.

My position on where we go from here should be known by now I hope -- a rally into 2027 as we jump over the above hurdles.

But it makes a lot of sense to keep some cash to ride the incoming volatility.

Not financial advice.