I got caught leaning into basic materials today and it rotated the fuck out, leading to, once again, losses of 90bps. The rotation out of metals and oils and into solar and alt energy is sort of evil, all things considered. The solar sector is +7% for the session and copper stocks are down 5%. What a chasm.
Anything gold, silver, or copper is being manhandled right now. There are areas of the market that are blessed, such as EV chargers, gene editing, alt energy and select retail. $TGT is now one of those select retail, down by 7%; but $TJX is and it’s up 7%. This is what trading does to you, drives you mad.
On the whole markets are fine; but I just got a little overweight into the exuberance and now that exuberance isn’t there and the difference is, I could have sold a long time ago.
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