Vertical Gold. Semis Breaking. Credit Flashing Red.
The Great Rotation Gets Violent
Gold and BTC are seeing outright panic buying as positioning catches up with the move, while the other side of the market is starting to look much less comfortable. Tech is being aggressively de-grossed, semis have broken key support and credit stress is creeping back in, yet semis vol remains remarkably relaxed. The rotation is getting violent, and the divergences are getting harder to ignore.