Jordi Visser

And these were big call option names.

These were a big thing.

Then you had Palantir come out.

So you can see kind of the dominoes that are playing out that lead to a rotation.

Now, I wrote a paper this week about CoreWeave.

There is a great post by someone, Kai Wu.

I don't know if you've ever seen him, but he posted something about how companies that have lots of CapEx, how they typically do.

We're at a weird point in the cycle.

So the S&P is barely off the all time highs.

We have all these companies that have done a tremendous amount of CapEx.

And now with CoreWeave, we actually saw a company that had to cut their CapEx guidance, not for all the bubble reasons,

but because we have shortages of physical stuff.

And so I believe that we are in a late cycle type trade commodities.

The Bloomberg Commodity Index made a three year high this week.

That's not typical in a slow growth period.

The market is rotating away from what has worked now for two to three years.

And these are companies that to me have made a peak.

So growth as a factor has made a peak.

And I believe now we're going to be in a period where

there are new things that are going to be leadership the reason i said november is an important time period october is when mutual fund tax loss selling typically happens 50 of the s p 1500 believe it or not is down for the year so there was a lot of selling that went on in that that caused some of the disruption then you get into november you've got the bank's end of year and as traders and someone who worked at a bank