Software stocks are on a tear. I knew it was a matter of time, but I had no idea it would be this fast. But here's the crazy part... IGV is up +42% since the lows on April 10th... And the ETF is trading at the same exact price as it was on: • Jan. 12, 2026 • Nov. 14, 2025 • Aug. 20, 2025 • June 23, 2025 • May 13, 2025 • Feb. 20, 2025 • Dec. 18, 2024 • Nov. 13, 2024 Are software stocks extended in the short-run? Unequivocally, yes (though that doesn't mean that their next move will be lower, necessarily). Are software stocks extended on a medium/long-term basis? Unequivocally, no. Embrace nuance.(Caleb Franzen)