Volatility Pulse — Best of Times...Worst of Times

Off the Charts Shorts

Notional short selling across single stocks hit the highest level on record in Goldman data going back to 2016.

Source: @MacroCharts 

Return to Reasonable?

Forward P/E for Software and IT is at the lowest its been in almost a decade.

 
Source: ZeroHedge 

Retail Buying Software Hand Over Fist

Rolling 1-month retail inflows to IGV software ETF surged to a record $176mn—most aggressive in years.

 
Source: ZeroHedge 

Tides Have Turned

US is still 63% of global market cap, but the relative trade is flipping—dollar weakness providing mechanical tailwind to foreign returns.

 
Source: @WillieDelwiche 

Revenge of the World

Non-US equities posting one of their best starts to a year in four decades—MSCI World ex-USA up 11 weeks in a row.

 
Source: @NautilusCap 

Even Small Caps Are Finally Joining

We're barely started the year but the RTY outperformance over NDX is quite something.

 
Source: TradingView 

Pain for Low Income Bucket

Consumer delinquency rates hit 4.8% in Q4—highest since 2017—driven by low-income and young borrowers cracking.

 
Source: Bloomberg 

Boats and Planes for the Upper End

Air travel and cruise line stocks have ripped the past couple months. Higher end consumers are still spending big.

 
Source: Bloomberg 

Small Biz Aren't Building Data Centers

Capex for small business is among the lowest in 15 years. Someone get these companies Blackwell chips stat.

 
Source: @RenMacLLC 

Buybacks or AI Build Out?

Mag 7 buybacks and dividends at lowest since tech bubble as capex devours free cash flow. What used to be dollars for share buybacks has been shipped right to NVDA.

 
Source: @_JoshSchafer 

Paused on Tech Buying

Sector funds ex-Tech saw record $62bn inflows in first 5 weeks—more than all of 2025 combined—while Tech flows stall.

 
Source: @neilksethi 

Making Up for Tech's Losses

The rout in tech has been made up for by the rest of the S&P picking up the slack.

 
Source: Duality Research 

AI Gains but for Tech Only?

Consensus estimates see AI profits in tech but nowhere else....

 
Source: Apollo Academy 

Just Because...

The immortal jellyfish—Turritopsis dohrnii can revert to its juvenile polyp state after reaching maturity, effectively making it biologically immortal. Scientists have watched individual specimens cycle through this process multiple times. Maybe it should run for political office in the US.

 
Source: American Museum of Natural History 

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