Market Rotation Out of Tech Leadership as July Begins Following June Drawdown
By
Sherry An
Summary
The article discusses market dynamics entering July after a volatile June that saw a drawdown. Capital is rotating out of crowded tech leadership positions as positive gamma support rolls off. The author analyzes options data and market positioning to identify new opportunities in alternative market pockets, warning of potential further volatility while mapping out catalysts for the month ahead.
Source
Twitter / XMarket Rotation Out of Tech Leadership as July Begins Following June Drawdownspotgamma.comKey quotes
· 3 pulledJune lived up to its reputation as a volatile month with last week's market drawdown.
Recent turbulence has driven capital rotation out of crowded tech leadership, and we now look for opportunities in alternative pockets of the market.
Our base case into OPEX is a 1-2% correction (ref 7,475)…We are left with SPX vols that are ultimately higher after VIX
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