NASDAQ remains king...

...despite people trying to push the long reflation narrative over the past half year.
NASDAQ vs Russell ratio is now back to early January levels. The pillar of this market remains tech, irrespective of what people say.
The bigger problem for the crowd is the p/l pain from the crowded long reflation logic, and the fact most still "hate" tech.
Explaining to the CIO why you are not long melt up tech but long reflation which isn't performing isn't an easy task, and it doesn't help you all your friends are running the same positions...