Chasing That Paper

🚨 U.S. rent prices are falling

This feels like the most orderly sell-off of all time These are the daily moves in the S&P 500 since the start of the war No big down days yet at all

Some of the Optics names extensions from their 200-DMA: $AXTI ~439% $LITE ~183% $CIEN ~132% $AAOI ~200% For context, here's what a few recent blow-off tops looked like at their peak: $MSTR ~199% 11/20/24 $SMCI ~237% 2/15/24 $SLV ~144% 1/28/26 Are Optics entering a blow-off phase? Hard to say... More importantly: Even if the market bottomed today and we got an FTD, what are you realistically expecting out of these names at this stage of their move? Coming out of a correction/chop/pull-back, 'relative strength' is the most important factor in identifying new leadership. But you have to look at these names through a different lens, given how extended they already are. $FSLY is a much better example of new merchandise. A name that has held up extremely well in a weak tape, emerging from a long period of neglect with a fresh catalyst. ++ $DELL $AKAM $NET $DOCN $TER $NBIS $SOLS $NXT $SEI other examples off the top of my head. The same question applies to Memory stocks. If the market bottoms here, what are you expecting out of these after running like this? 1 Year Performance $SNDK +1,200% $MU +305% $STX +368% $WDC +570% Food for thought.