As I've occasionally been known to exclaim on the desk...Holy Moly! So much to talk about all of a sudden but, unfortunately, not much of it positive. The Nasdaq clearly the main story – it rallied 2% to make a new all time high and then closed down -2% overnight. The last time this happened was in March 2000 (I was 6 and probably learning how to ride a bicycle back then!) so lots of people debating whether this is the beginning of a summer rotation? Plenty of moves showing us a parallel with the Dotcom crash of 2000 (Tesla up +50% in the past 10 days - irrational exuberance anyone?) and although our charts team conclude it is too soon to call it, this is something that we will be watching closely in the next couple of weeks. Summer time is always a tricky time for a major change in market themes hence lots of nervousness (or even excitement?) around it today.
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