TMTB EOD Wrap: Software vs. Semis
Big story today was the continued software outperformance vs. semis and TMT Momentum unwind as that latter factor was -7.5% on the day.
The IGV vs SOX 6-day rolling performance spread hit +14.70% today, the single highest reading in the entire 10-year. The previous record was +12.27% in Nov 2024. In 10 years of data: only 6 days ever saw the 6D spread exceed 10%, only 3 days exceeded 12%. Today's Single-Day Spread: 6.1% was 2nd largest in 10 Years. And only time in that span where IGV Up >1.5% While SOX Down >4%. A couple charts:
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