With a re-iterated hawkish tone from Fed Chair Powell in today's Congressional testimony, and an apparent stalling in the AI-boom melt-up (admittedly a few days does not make trend), macro- (and micro-) fundamental realities are once again peeking through the curtains of extreme positioning (and hedge unwinds) that have fueled the remarkable moves of a handful of stocks in the last few weeks...
The most recent boomlet came just as the S&P had 'normalized' to the level of 'expensiveness' as the peak of the dot-dom bubble...
