Mixed Action

Rangebound session to kick off the week yesterday with the SPX +0.09%, NDX +0.17%, and RTY leading the way +0.7%. Underneath the hood, the action remains somewhat mixed with highly shorted/lower quality names leading in recent sessions.

Goldman’s Megacap Tech (the Mag 7) vs. Non-Profitable Tech pair is now down 5 days in a row and is having its worst 5-day stretch of performance in >3 months (down -4.5% over 5 days).

Goldman’s Most Short Basket is now up +16% over the last month (+11% in last 5 sessions), the best performing basket on both time frames. The 2nd best performing basket over the last week is TMT 12M Laggards (+7%) as traders look for possible catch up trades. Some of the best performers so far in June include names like MU, ETSY, PINS, MCHP, etc. (former laggards), whereas names that were previously leading are down/underperforming on the month (PLTR, CEG, DUOL, MELI, etc.).