- The momentum trade is wobbling — the S&P 500 Momentum Index is down 9% since July while the broader S&P 500 gained ~3%, as chip/AI favorites cooled off and investors rotated into neglected sectors.
- Biotech staged a surprise comeback after Moderna’s melanoma vaccine news sparked a 177% one-day surge, triggering short squeezes and lifting the whole sector.
- The rout highlighted the danger of crowding and leverage — heavily loaded funds got hit hard — reminding investors momentum can flip fast even if it’s worked for years.
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