What Was Behind Today's Tech Eruption: Goldman's Top Tech Trader Explains

In retrospect today's torrid meltup in the Nasdaq, and the MagnifiSeven in particular, was largely preordained following our weekend post that "Hedge Funds and Long-Onlies had Resumed Dumping Tech Stocks At Furious Pace" with the "Largest Selling Since Mid-October." Of course, in this market which loves inflicting max pain on a daily if not hourly basis, it was inevitable that the one trade which the smart money was rapidly liquidating - in this case the Info Tech Long/Short pair trade...

... would be insta-jammed higher, leading to the best day for the Nasdaq since mid-November.