What We Witness Now Has Only Ever Occurred At Major Turning Points
Momentum melts down when Meta goes sober
The hottest trade on Wall Street suddenly looks a lot less comfortable. Goldman warns that negative summer seasonality, market broadening, and soaring factor volatility could turbocharge a momentum unwind just as positioning sits near five-year extremes. Meanwhile, Meta quietly fired what could become the opening shot of the next AI rotation: abandoning "drunken sailor CapEx" in favor of selling excess compute. The result? Mag7 stocks just posted their biggest single-day outperformance versus semis on record. If leadership is changing beneath the surface, these charts suddenly matter a lot more.