One week after hedge funds staged a sharp reversal, and after five consecutive weeks of selling tech, they decided to flood right back in with the largest buying spree since December 2021, and the 2nd largest in the last 5 years, driven by both short covers and long buys (1.5 to 1)...

... they once again reversed sharply and according to Goldman Prime, last week saw the notional de-grossing in US Tech/Media/Telecom (TMT) which was the largest since July ’24 and ranks in the 98th percentile vs. the past five years.