Good afternoon – quite a wild day in the markets today. QQQs finished up 23bps with spoos flat, SOX back to outperforming up 1%, Crude + Nat Gas rallied up 4%, and yields continued to spike higher as treasuries saw selling across the curve (10 year up 8bps). The dollar surged another 50bps. High short interest and AI names lead the way up and both sw and semis outperformed, and large cap lagged with AAPL, META, AMZN flat to down. QQQs were up 70bps at one point early in the first 15 minutes of trading but then sold off steadily through the day until 2pm when we had a 1.5% rally. The day had the feel of a near-term bottom, especially with META – the stock which had been holding up the best – selling off a quick 4% after Zuck finished his speech at Connect and then bouncing back to close the day near the $300 level. Sentiment has definitely reset, there was a sense of fear in the market mid day, PB data is showing record de-grossing the last few weeks, and we got near 4200 support …
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