The market is quietly telling us something.
High Beta, Pure Growth, Momentum — all red this month. Meanwhile, Low Volatility is up 4%, the $SPX barely budging at +0.9%.
What's the story? Tech is the only sector bleeding, and it's dragging down every strategy that's been working for the past two years.
This is what regime change looks like before anyone admits it's happening. The stuff that felt safe — the names everyone owned, the momentum darlings — suddenly isn't. And the boring, defensive, low-vol stuff? It's quietly leading.
Markets don't ring a bell. They just stop rewarding what used to work.
High Beta, Pure Growth, Momentum — all red this month. Meanwhile, Low Volatility is up 4%, the $SPX barely budging at +0.9%.
What's the story? Tech is the only sector bleeding, and it's dragging down every strategy that's been working for the past two years.
This is what regime change looks like before anyone admits it's happening. The stuff that felt safe — the names everyone owned, the momentum darlings — suddenly isn't. And the boring, defensive, low-vol stuff? It's quietly leading.
Markets don't ring a bell. They just stop rewarding what used to work.