The unwinding of what's been the most crowded speculative sector trade in decades appears to be starting, which aligns with earlier expectations.
Capital has been shifting into biotech and cyclical assets, areas that have seen positioning activity for the past few weeks.
Now the focus is on the potential outcome.
$Spdr S&P Biotech Etf(XBI)$ $Amgen(AMGN)$ $Apple(AAPL)$ $Altria(MO)$
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