In the frenzy of the fastest and, according to many, most brutal market drawdown since the covid crash, one which sent Tesla down more than 50% from its all time high just weeks ago, and pushed the Nasdaq into oversold territory (from which it has always bounced back like clockwork)...
... we and others said that the market is due for a sizable bounce (see "The Liquidation Is Over: CTAs Are Now Short $10BN After Selling $193BN In 2 Weeks" and "JPMorgan Sees Imminent Relief Rally... But Then Fade It"), and sure enough that's what is starting to emerge as the most beaten down sector, high beta momentum, which plunged almost 30% in less than a month (its worst drawdown in years), is starting to claw its way back.
