Mike Bergen

At this rate, the entire HF industry will just work for Izzy.

MEGA EXCLUSIVE: Jain Global to Return Cash, Exclusively Manage Millennium Money

The last 2 all-time highs have been on negative breadth: Friday's record saw 324 SPX companies close lower; this was the 2nd worst negative breadth record only after Oct 28, 2025 when the S&P closed at a record with 80% of S&P companies red.

Semis most overbought ever

Momentum is having an insane run right now. It's the biggest 18-day rally since June of 2000, which came after the dot com bubble's peak in March of 2000. Per BTIG's Jonathan Krinsky: "The GS High Beta Momentum Long Index (GSCBHMOM) is having its second biggest 18-day run in history, exceeded only by June ‘00 which came after the initial -60% crash off the March ‘00 peak. Much of this can be attributed to semis, but there are also Electronic components, Optical, Data Center, and Infrastructure. In other words, a pretty broad based AI basket. The only other times when high beta momentum had a 30%+ gain over 18-days into a 52-week high was Nov. ‘99 (+34%) and Feb. ‘00 (+33%). So this is the largest 18-day gain into a new high on record. Of course the index doubled from Nov. ‘99 to the final peak in March ‘00, but that was a generational top in tech and momentum."

Semiconductor stocks (SOX) will be up 18 consecutive days today, never seen before

Semiconductors most overbought ever, going for a record 17 days of gains in a row because the nuclear apocalypse will be cockroaches and DRAM

The Strait of Hormuz is open M-F 9:30-4pm ET.

S&P 500 has a real shot at closing up 3% for three consecutive weeks. This has only happened twice in history. At the '82 lows and after COVID. Stocks were up 33.9% and 32.3% a year later after those signals.

Another total victory for the dip buyers. Bears in shambles. This is America. Stocks go up in this country.

For the record Since 1928, this is the first time the S&P 500 has made a new all‑time high within 11 trading days of a 5–10% drawdown, and history around comparable V‑shaped rebounds suggests this kind of steep recovery is a continuation signal, not an exhaustion signal: in past steep V‑shapes, the “vertical” phase typically overshoots the old high and delivers roughly a 20–30% gain from the low over the first ~100 trading days, implying that if the March 22, 2026 low was near 6,300, the historical playbook points to a 100‑day S&P range of roughly 7,560–8,190 (mid‑case ~7,875), followed by positive but more trend‑like returns over the subsequent 6–12 months rather than an imminent bear market. The upshot, you’re not bullish enough. Have a nice day.

Uber has no cars. Airbnb has no hotels. Allbirds has no shoes. This is the new economy.

$BIRD engineers figuring out how to install GPUs

Carvana is probably an $800 stock if they convert their useless car vending machines into GPU clusters.

As the great Warren Buffett once said: “The best investment is not in yourself. It’s in a bankrupt shoe retailer that pivots to AI datacenter operations.”

The S&P 500 is up 9.83% the past 10 trading days, for the best 10 day gain since coming off the COVID lows in March 2020.

Seems like memory vs software trade is getting unwound. Lot more to go (enough to look at 1y chart).

NIKE: please do SOMETHING!

The last 10-days have been unlike any 10-day period in the market since 1950. First, the S&P 500 is up 9.8% in 10-days, which is in the 99.7th percentile of all 10 day returns.

SHOES to GPUs