Tech Stress Persists As Small Caps Come Roaring Back
Soggy tech, Russell revived
The market is starting to look very different beneath the surface. Nasdaq remains trapped in its trading range, tech volatility continues to command a substantial premium, and CDS stress refuses to disappear. Meanwhile, Russell has staged an impressive comeback, reclaiming its 200-day moving average after a brutal washout. Extreme short positioning, flagged by GS near the lows, has helped create the conditions for a powerful squeeze. The question now is whether this is simply another positioning-driven rebound or the beginning of a more meaningful shift in market leadership.