Momentum Crushed By Worst Drawdown Since Covid

Today was another ugly day for stocks (and remakrably, on a meltup Monday, snapping the sequence of 3 sharply higher Mondays in a row). But it was nowhere uglier than momentum (which in 2026 means primarily memory stocks). 

According to Goldman's trading desk, the move in High Beta Momentum stood out: the bank's high beta momo index (GSPRHIMO) had a -2.6 sigma move today, one of the worst 1-day moves in ~5 years and the 3-day move is approaching 15%, 2nd worst stretch since Covid.