If only there were signs...

Junk takes over leadership

Low quality led the way yesterday with Commercial Real Estate (+3.75%) and Regional Banks (+3.40%) while Megacap Tech (-0.5%) and Obesity Drugs (-1%) lagged meaningfully. Buying junk and selling Thematic Winners of course only happens in the 8th or 9th inning of a bull run. If only there were more signs of peakish frenzy....

Is the whole market about to go Meme...?