Crowded, Leveraged, Fragile
Melt-Up Cracks
Semis are finally wobbling just as positioning, leverage and momentum remain dangerously stretched. The crowd kept chasing upside instead of hedging downside, while the same reflexive flows that powered the vertical melt-up are now starting to work in reverse. At the same time, gold is approaching a major technical inflection point again, while Europe keeps looking like the macro weak link as geopolitical stress quietly builds underneath the surface.