Everyone is shouting about sector rotation


Nasdaq is down while the Dow is up
NVDA is being pushed down
The scene really does look like rotation
But after the money leaves tech
Where does it go?
Not into banks
Not into energy
It’s cash
VIX is back to 19
The market is narrowing, not switching
It went up for two years and then sells off a bit
Has not much to do with the macro narrative
In cash, no position—waiting
Nothing worth buying
NAS100-0.88%
NVDA0.13%
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