Very little currency movement this morning, only very slight bond selling. Movement is almost 100% sector rotation this morning within the S&P this morning. And we can see that rotation doesn't play out evenly. It's all ex-tech to tech in the S&P/Nasdaq... including healthcare and energy. But on the Russell, healthcare and energy are up substantially. It almost looks like selling of broad SPY/QQQ ETFs to buy tech specifically, whereas Russell is just seeing the usual sector rotation we saw before the selloff: tech/HC/energy feeding off everything else.

If we look at Apple, I think we can see what's happening. Apple didn't catch a bid today, where it also didn't get sold off during last weeks AI selloff. It looks like the exact names that were beat up last week are catching a bid here, at support. Bargain hunters, dip buyers.

With QQQ at support we were basically at a crossroads between "Is this it? Is this the big one?" This step says "not yet", but could still stumble, so I'm going to rebalance my short from 50/50 Russell/QQQ to 75/25 Russell. QQQ short is definitely what we want during "the big one" but Russell gets hurt either way. Either the majority get hurt by higher rates for longer, (as US interest rates are being propped up by AI capex borrowing), or the part of the Russell that relies on AI gets smashed. Either or. So while we don't know if "this is it", Russell is the side we should lean on.