Everybody Got Sucked Into The Upside

Sucked In

The AI melt-up finally hit its first real air pocket. Semis, AI, and momentum names are now reversing almost perfectly from historically stretched levels.

Positioning came into today at extreme levels. Nasdaq entered the session massively overbought, risk appetite surged to one of the highest readings in years, and market concentration continues resembling prior late-stage melt-ups.