Tech: 99th Percentile Longs Meet 99th Percentile Volatility
Confusion is high in the short-term
The latest flow data reveals a market suffering from a mild crisis of conviction. Investors are selling tech, shorting tech and hedging tech. Tech vol and trading range exploding. Yet nobody seems willing to abandon AI and positioning remains near record highs among hedge funds. And at the same time retail money keeps pouring in. De-risking? Yes. Abandoning? Absolutely no.