Fading The Rally

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ValueWalk

S&P 500 made intraday ATHs, but the upswing was sold into heavily – pre-FOMC positioning raising its head? Bonds didn‘t crater, and the risk-off move wasn‘t all too pronounced. Tech weakness was the key culprit, with value barely hanging onto opening gains. Russell 2000 breaking below its Wednesday‘s open nicely illustrates how late in the topping process we are. What is needed for the upswing to go on, is tech leading the daily charge once again – and it remains to be seen for how long and to what degree would value be able to participate. Q3 2021 hedge fund letters, conferences and more I‘m …

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