Tech Won't Dip, Memory Chases, China AI And Gold Wakes Up

Still No Dip

Markets keep squeezing, but the easy trades are getting harder. Tech is back near the highs despite lighter positioning and persistent outflows, memory has gone from capitulation to chase mode, while Korea remains heavily under-owned after a massive rebound.

Elsewhere, China AI continues to offer some of the more interesting relative-value setups, and gold is reconnecting with the big macro picture.