10/29/2026: AI party is over! Got healthcare? - Back to back days former leadership in the Semiconductor and Software (AI) space implode on earnings. $GOOGL $INTC $NOW $AMZN $SNDK - $XLC down 1.87% on the day and 8.8% on the month. $META $GOOGL have been a disaster. - $XLK coming off those historic levels of 40% weight for the S&P. Do not be surprised if more unwind continues - $XLE continues to be a leading group $XOM $CVX - $XLV out to new highs on the back of $LLY and a strong report. - $SNDK gets wacked on earnings and takes $MU down with it after perfectly rejecting the 50sma yesterday. - Interest rate sensitive groups $XLRE and the home builders trying to find a trend $XHB $ITB - $XLU also continues to grind higher. - It's a market being lead by defensive stocks and the #AI# growth traders are acting as if new all time highs are coming for their stocks. An incredibly amount of complacency. If these last two days haven't turned the crowd upside down, not sure what would. - Shorting into supply has been the move and likely remain the case for weeks or months until something truly meaningfully changes. - Nearly 50% of my universe list is back above the 50sma but it's likely not in the names people are truly wanting to trade. - If your goal is simply to long #AI# growth you might be in for a headache as that group continues to unwind. - $BTC gets hacked through Binance and now down 5% in the overnight session. - This market is shit but fortunately we haven't been pressing the long side, shorts into supply is really the only move until we get a deeper correction.

Putting it out in the universe: My dream session @Solana Breakpoint this year is a debate between @kylascan and someone from the Solana ecosystem: "Resolved: Tokenization will make Gen Z poorer, not richer, than their parents." How can we make this happen?