It was one of the most brutal weeks for consensus trades and the most widely held individual stocks, while at the index level US equities struggled this week as the market grappled with continued positioning adjustments and mixed/underwhelming megacap tech earnings – R2K outperformed SPX & NDX for a 3rd straight week. Regional Banks, Housing Exposed, and Most Short outperformed on the week, while Bitcoin Sensitive Equities, Megacap Tech, and AI Enablers were among the laggards.
Not surprisingly, one week after we observed the largest hedge fund de-grossing since the Jan 2021 meme stock craze...
