Plans to rotate to 'extremely underweight' tech in Q1 2026 due to overbought conditions, crowded trade, poor risk/reward, and high earnings bar. Expects tech to 'fizzle out' in 2026. This implies a cautious downward outlook for the Nasdaq-heavy tech sector after a near-term Santa rally.

small caps today they're having another big day... small caps and financials, those are probably the two most benefiting from this major pivot with the fed... we're just now breaking through new highs... momentum will pick up... you're going to see more and more folks rotate into that trade as tech fizzles out in 2026 Bullish on small caps due to Fed policy, economic sensitivity, easier earnings comparables, under-ownership, and technical breakout. Positioned as primary beneficiary of rotation from tech.

States 'Fed's bond purchasing is going to put a cap on the 10-year' and expects 'very accommodative fed'. This implies a view that yields will be contained or move lower, supporting the rotation into rate-sensitive sectors.