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Jun. Market Balance Sheet: Hard to Fade the Current Bull Market; Fed
Tightening Fears May Be Overblown:
Jun 26, 2026 ... If there's one thing investors might want to put on their radar, it's that such strong growth means companies will be facing tough comps next year. Sentiment Our sentiment composite sits in the 61st percentile today. That's rising from suppressed levels but shy of prior extremes. Notably though, there are still pockets of aggressive behavior: levered ETFs are over $200 Bn AUM (a new high) while also averaging over $45 Bn traded per day (another new high). Tech sector flows ...
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Top House Democrat Proposes Data Center Moratorium:
Jun 26, 2026 Daniel Clifton (202) 290-8262 dclifton@strategasrp.com Jeannette Lowe (202) 243-7583 jlowe@strategasrp.com Courtney Gelman (202) 243-7584 cgelman@strategasrp.com Christopher McGrath (202) 223-7646 cmcgrath@strategasrp.com Policy Outlook Fri. Jun. 26, 2026 TOP HOUSE DEMOCRAT PROPOSES DATA CENTER MORATORIUM 90 100 110 120 130 140 150 160 Jan '25 Mar '25 May '25 Jul '25 Sep '25 Nov '25 Jan '26 Mar '26 May '26 Global X Data Center & Digital Infrastructure ETF Rel S&P 500 We have ...
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Video Slides:
Jun 26, 2026 ... FRESH RELATIVE BREAKDOWN FOR MAG 7 THIS WEEK Strategas Technical & Macro Research 9 6/26/2026 MAG 7 ETF: MAGS 50 & 200-Day MA MAGS Relative to S&P 500 Positive ... NEW HIGH FOR BANKS THIS WEEK, INCLUDING REGIONALS Strategas Technical & Macro Research 14 6/26/2026 KBW Bank Index 50 & 200-Day MA Regional Bank ETF: KRE 50 & ... $7,000 $9,000 $11,000 $13,000 $15,000 Trailing 65-Day Flows YTD Flows Sector ETF Flows: Trailing 65-Days vs. 1-Year $MM THE BAR IS LOW FOR ANYTHING NON-TECH ...
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Options: Post Event Volatility Contraction:
Jun 25, 2026 ... We like using shorter duration call spreads to play sectors that have been spot up vol up such as semiconductors. We like downside structures in USO (we know it's becoming harder) to play a break in crude, but prefer options to shorting the outright physical or ETFs. We like hedging portfolios at the S&P and Nasdaq levels. **We have an Bloomberg IB distribution for tactical ideas and options color we are fairly active with on a daily basis for more active options ...
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Small Is Broad, KRE Breaking Out, A Pulse From Housing, & An Eye on
Sentiment This Summer:
Jun 25, 2026 ... S&P High Date (6/2/26) 8/11 SECTORS HAVE MORE STOCKS > THEIR 50-DAY MA TODAY vs. 6/2 PEAK Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 4 6/25/2026 Tech, Comm Svc. & Energy are the lone sectors with less stocks > their 50-day MA today than at the 6/2 market peak. Participation is broadening. KRE BREAKING OUT Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 5 6/25/2026 Regional Bank ETF: KRE ...
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Every Fed Chair Faces An Equity Market Draw Down In Their First Year:
Jun 24, 2026 Yesterday's Semi Sell-Off Didn't Fase Single Stocks With Leverage Our basket of companies with associated single-stock leveraged ETFs suggests yesterday's decline was not driven by a broad-based deleveraging event. The growth of leveraged ETF derivatives and options activity has amplified upside moves, while only intermittently impacting markets on the downside. The self-reinforcing nature of this leverage where rising prices require additional purchases of the underlying ...
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Dollar Bulls Still Hard To Find, Mag 7 Breakdown, & Banks & Biotech In Gear:
Jun 23, 2026 ... & Macro Research Proprietary Information - Please Do Not Redistribute 10 6/23/2026 MAG 7 ETF: MAGS 50 & 200-Day MA MAGS Relative to S&P 500 Positive / Negative Trend Signals Overbought / Oversold ✓ MAG 7 remains very weak relative. ... SPEAKING OF HEALTHCARE, THE XBI CONTINUES TO ACT GREAT Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 17 6/23/2026 Biotech ETF: XBI 50 & 200-Day MA XBI Relative to S&P 500 Positive / Negative Trend ...
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Leverage & E.M. ETFs Tied Together:
Jun 23, 2026 -$20,000 $0 $20,000 $40,000 $60,000 $80,000 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Emerging Market Equity ETFs Flows Rolling 12-Month Sum, $MM Strategas ETF Research See Appendix for Important Disclosures ETF Research Tuesday, June 23, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com There are 3 cross-currents seemingly tied together in the ETF universe right now: 1) Levered long ETF exposure has ...
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FOMC and June Opex Behind, Looking at Micron:
Jun 22, 2026 and the prevalence of volatility exacerbating leveraged ETFs. * As progress continues toward resolving the conflict ... Sector performance was mixed, with Energy the weakest at -6.57%. The Mag7 ETF (MAGS), was also choppy and finished slightly positive at +0.82%. WTI slid sharply (USO -8.42%), and the VIX dropped to 16.40 from 17.68 the prior week. ETF ... impact of leveraged ETFs, which mechanically buy strength and sell weakness during end-of-day rebalancing. ...
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Fed Policy & Iran Are Inextricably Linked:
Jun 22, 2026 ... since it began expanding its balance sheet in December at the same time trying to clamp down on inflation Source: Treasury -4 -2 0 2 4 6 8 10 12 60 70 80 90 100 110 120 Mar-24 Jul-24 Nov-24 Mar-25 Jul-25 Nov-25 Mar-26 Homebuilders ETF rel S&P 500 & # of Rate Cuts Priced in Through June '27 XHB rel S&P 500 Rate Cuts Priced In (Right Axis) Source: FactSet In late 2025, bank reserves were 2x the level in September 2019, but repo markets were again under intense pressure. ...
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