Sector rotation out of tech continues, this time, as speculated last night on WGN, AI flight takes pressure off bond yields*, disproportionately in the US, and caused a USD drop relative to foreign currencies, as money goes back home, and is settling in their equities (risk on) as opposed to their bonds (risk off).

*-US yields rising faster than the world's yields generally means USD increases vs world currencies, while that spread between yields closing means USD decline.

That should continue as long as the sector rotation lasts... however long it lasts, and we have no idea that's going to be. But we did have a solid month where AI sucked all the $ out of... well, the world, so even if it's just an unwind of that before money managers re-discover their love for AI, there's probably a couple weeks of unwind here at least.

So I'll take the opportunity to dump my EFZ for a wash, because the macro's turned completely against it, and I didn't realize how thinly traded it was when I got it (atrocious spread).

Will flip that trade and put it in EFV, which is a high-div value fund ex-Ameri-Can, which should benefit from both the value and FX appreciation.

Purely a small trade, 2%, to get some experience and a tiny amount of skin in the game. When AI-to-value rotation ends, so does this.