The Bifurcation on the Year

The rally has been so narrow, really concentrated in really the chip names but let's give it the AI umbrella with Microsoft in there as well. I feel like we've at least gotten to the point where you can draw a circle around all of the late longs that piled in with large positions on the headline. If there becomes a story or a sort of market nuance where maybe rates are going higher and it's not as beneficial to own tech, then there's certainly a chance where I may pursue a trade on the downside.