Jun. 22 at 6:26 PM
Just watching the tape here and trying not to overthink the headlines.
$GOOGL is down ~6% on the DeepMind execs leaving story, but honestly…
I don’t think that’s what’s driving this move. Feels more like the market was already leaning weak and that just became the excuse.
What stands out more is the fact that all the mega caps are getting hit at the same time. That’s usually where people start calling it a breakdown.
But at the same time, I’m seeing something a bit more mixed under the surface. Small caps aren’t collapsing the same way, and there’s still pockets of strength in
$SMH and even parts of
$TAN. That doesn’t really look like a full risk-off stampede.
To me, this feels more like positioning getting unwound and money rotating out of crowded megacap trades rather than a clean “sell everything” moment.
That said, I’m not ignoring the weight here when megacaps are half of
$SPY, even “rotation” can drag the whole index lower without much effort.
So I’m just staying flexible. Not trying to force a bullish or bearish label on it right now. Let price tell me.
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