I'll have to say, this May tech rally caught me completely off-guard. Short squeeze, funds playing catch-up, who knows. But it's been pretty quiet in here about this last rally. Where have all the cheerleaders or top-pickers gone?
I think some of it is positioning. Specs were heavily short nasdaq at an unusually high level. Normally when this happens you get a squeeze or any sell off is a struggle because now all these shorts are trying to cover on the way down. Just my thoughts though on the subject. However it has been a little while since I have seen such a divergence between ES and Naz where one is on the high and the other is on the lows.