Teflon Tech, Soggy SOX, Dramatic DRAM And Crazy Commodities

Pressure points

Markets are setting up around a few increasingly interesting pressure points. Tech risk has been cut just as NVDA starts squeezing, SOX is approaching must-hold territory with optionality unusually cheap, and memory continues to compress despite fundamentals remaining strong.

Away from tech, commodities are sending another signal. BCOM has exploded higher and rates are paying attention. Another leg higher from here could quickly put the inflation narrative back at the center of the macro debate.