"Buyers Are Out of Ammo"

What is happening...?

Here are a couple of short/medium term catalysts to explain the weakness (outside the most important one - the MoMo carnage - dealt with in previous email).

1. Rotation rampage......Several days of Big Tech underperformance, as investors expanded their exposures, adding more pro-cyclical exposure and lean into small-cap stocks, instead of concentrating positions in growth and momentum names