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Life after the January upside MOVE

The last time NASDAQ was >10% in January...

Tech upside has been the main pain trade (outlined here on Jan 8). The last time NASDAQ was up more than 10% in January was in 2001. This was after having seen significant multiple contraction the year before. NASDAQ continued to go down by more than 50% for the rest of 2001.

Source: BNP Paribas
Source: Refinitiv
Source: Refinitiv
Source: BofA
Source: BofA
Source: JPM
Source: Morgan Stanley
Source: Refinitiv