Market Thoughts - 6 Jul 26 SPX got off to a good start off the open. Across momentum, we are seeing some amount of relief rally. However, popular momentum names opened weak even relative to their sector. For example, in neos, NBIS was underperforming the entire sector, in memory SNDK was trading extremely heavy as well. While other momo names in their sectors are able to gap up and do a relief rally, the overweight positioning in those names is keeping a lid on them at the moment as weak hands sell into the relief. I would expect this PA to ease off later on. We also had news that Situational Awareness expressed interest to be an anchor investor for SKHY debut on the nasdaq. While this will allow the entire memory sector to rerate, in the short term, it puts some amount of pressure on MU as MU stops being the only game in town. Given the overweight on MU in most people's portfolios, i would expect this drag to be quite heavy. Again, this week has a relatively light calendar with SKHY listing being the highlight. Good luck!(degentrading)