Momentum demolished and the index goes nowhere.

S&P 500
-0.13% (July)
+2.62% (August)
-0.45% (September)
-0.93% (October)

GSPRHIMO (Goldman Sachs Momentum Basket)
-30.19% (July)
-13.67% (August)
+26.96% (September)
-18.60% (October)

-- @GoldmanSachs

https://x.com/joemccann/status/2116612752177594746

$GOOGL's one day drop was the 2nd largest decline in market cap in a single day in history

https://x.com/joemccann/status/2116616195982213134

History says buy the rotation

The last five rotations into Tech saw the sector gain an average 38%, outperforming the rest of the S&P 500 by 33 percentage points.

The broader market joined the party, with the S&P 500 gaining nearly 20% on average over those episodes.

https://x.com/joemccann/status/2117006566667014442