"At least one group of Tech investors appears to be viewing this as a buying opportunity"

1. US Redbook Index. Same-store retail sales continue climbing higher: up 11.5% YoY for the week ending Jul 4.

2. Oil shorts. "Managed Money short positions >40% (third highest reading in 15 years + Record crack spreads = recipe for a solid bottom. The question is how big will the bounce be?"

3. Schwab Trading Activity Index. "There was no June swoon to be found among Schwab clients ... as net buyers continued to assert their dominance ... the STAX notched its highest level since February 2022."

4. Tech insiders. "At least one group of Tech investors appears to be viewing this as a buying opportunity (HINT: Its the people who know these companies best). Make of it what you will."

5. Put/call skew. "The S&P put/call skew just collapsed to 0.71. Not a low. The lowest reading on record ... What this measures: how much investors pay to protect against a crash versus betting on a rally. At 0.71, crash protection is essentially free. Nobody wants it."

ICYMI