There are so many things working this year. American Growth stocks are just not on the list.

The underperformance from this group is on another level. These are things that haven't been seen in 20 years.

Look at U.S. Technology hitting new cycle lows relative to the S&P500. The struggle has been real since last summer. And the selling has not slowed down.

Also notice how the High Beta Index is hitting new lows relative to Low Volatility.

Over half the S&P500 High Beta Index is in Technology.

Berkshire Hathaway, for example, which is hitting new all-time highs, is one of the largest component of the Low Volatility Index.

It's the High Beta stuff - Tech and Consumer Discretionary, that's leading the way lower in the United States.

Here is the Semiconductors Index peaking last summer relative to the S&P500 "in the middle of an AI Revolution" lol. 

AI revolution. More like an AI hallucination...

There are so many things working in this market.

Every single sector in the U.S. is either flat or up in 2025, except for Technology and Consumer Discretionary which are both down double digits this...

Tesla is ripping this morning, up 10% so far on news that the tampon guy gets his rocks off when TSLA stock falls in price. 

This is a former Vice Presidential Candidate up on stage rooting against an American institution that employs over 125,000 Americans. 

What a loser.

Fortunately, he did his little dance right at the 61.8% retracement of the entire TSLA rally off the late 2022 lows. 

It was almost too perfect. 

We obviously put on the trade.

To not buy Tesla on that kind of silliness would have been irresponsible. 

So far so good.

Meanwhile, speaking of crazies, the sentiment towards Michael Saylor has also spiked towards the pessimistic side.

I love that.

This was a beautiful bear trap:

We discussed all the details on the entry for the Tesla trade and...

I hope you're having a nice weekend.

Before I head out for the day I wanted to share a few thoughts about the market and what I'm seeing out there.

This week I laid out all my thoughts and favorite trades during our LIVE Conference Call. So today's note is about a few other things I didn't talk about on the call. 

The first one is this big 2100 level in Ethereum. Remember that despite all the underperformance from this one, ETH still carries a $240 Billion market-cap and is still the 2nd largest token on the planet.

If we're back above last year's lows, I would really start to get interested in this one. Look for the Bitcoin dominance to come off if Ethereum starts to outperform again. ETH can really help the Alts...