"The Pain Remains Up": Wall Street's Top Traders Discuss The Shifting Market Dynamics

Today was quiet from the headlines perspective; but a notable undercurrent is emerging beneath the surface as MegaCap tech - a trade that had been crushing it in recent weeks on the back of massive flows into a handful of tech gigacap "Generals", with Goldman noting that going back to 1990, the extent of S&P 500 outperformance over Equal-Weight S&P 500 this month - NDX>Small Caps by 13% MTD - has only been eclipsed twice (March 2020, June 2000)...

... has started to underperform the broader market again while recent laggards (Energy/Materials) are outperforming.