Macro > Micro
While the market bounced late in the week (Powell ‘the economy is fine’ commentary), it wasn’t enough to repair the state of play with the NDX down 3%+ on the week (first back-to-back 3%+ weekly NDX declines since Sept’22) as our HF VIP L/S pair (GSPRHVMS) closed near the lows of the week as ‘pain’ was felt most acutely on the long side this past week – both within Tech [our HF VIP Long Tech basket u/p the NDX by ~460 bps last week, one of the worst 5 day stretches over last ~5 yrs] and across the broader market [charts leaking lower across Banks/Alts, Power, Cruises, Airlines, et al].
