From supply to squeeze… MAG is back in play

Back in play… but not crowded

The bounce in MAG has been fast and forceful. What looked like a one-way de-risking just weeks ago is now starting to resemble the early stages of a reversal, with technicals improving, positioning reset, and sentiment still far from euphoric.

We’re back inside the range, trendlines are breaking, and flows are beginning to shift. Importantly, this isn’t happening from a crowded long, quite the opposite. As Vanda Research highlights, long US tech is emerging as a relatively under-owned tactical trade, quietly gaining traction.