"The big tech trade is getting crowded"

1. Crypto asset flows. "Digital asset investment products saw US$1.07bn of outflows, the first negative week in seven and the third-largest weekly outflow of 2026."

2. Risk Appetite Indicator. Goldman's RAI "breached 1.1 last week, surpassing the levels at the start of this year and reaching the highest read since 2021 - the 99th percentile since 1991. Looking at comparable episodes since the 1960s, we find that subsequent returns showed more limited upside for the broad equity market (with some correction risk) and larger, symmetric tails for Momentum."

3. Retail activity. "Citadel Securities gross retail cash volumes ranked in the 96th percentile in April versus all months since 2019, while May is currently on track to become the most active month ever, pacing roughly ~12% above January 2021 levels. Options activity has been similarly impressive".

4. Inverted call skew. "Record retail call buying activity ... has translated into an inversion in call skew ... We're seeing this inversion in a third of the S&P top 100 stocks for the 1- month tenor, and over a fifth for the 3-month tenor ... that's approaching the 2021 ‘meme stock’ era high of 25%."

5. Equity positioning. "Positioning far more stretched in large caps and most notably in Tech. The big tech trade is getting crowded".

ICYMI