mkt thoughts - 6 jul 26 A tale of 2 cities in terms of performance. Names with overweight positioning definitely feeling the gravity today as they sink deeper into the red while the rest of the names in their sectors stage strong rallies. In neoclouds, performance was led by SHAZ and IREN on potential anthropic deals. Meanwhile NBIS floundered while even CRWV managed to trade firmly. In memory, SNDK continues to plunge the lows of thursday while MU is not that far behind. The commonality between these heavy names are their massively overweight positioning and status as retail go to names. Price action in them resembles tickers with a constant running sell twap. In other liquidity indicators, BTC has been trading extremely strongly. MSTR was shown to be a seller of BTC last week, which begs the question - who was buying then? I generally like these sort of set ups and i think it is indicative of a risk on environment.(degentrading)