David Lebovitz sees structural opportunity in tech but wants to lighten up after the strong run. He believes the all-in-yield story is driving demand for corporate credit, with spreads remaining orderly despite yields gapping higher. He notes a tension where investors view high-quality corporate debt as potentially safer than sovereign debt due to fiscal uncertainty. He sees 5% on the 10-year as a key danger zone for equities and argues Treasuries are not an effective hedge when inflation is the problem, but would be if growth falters (e.g., if AI capex story falters).
explicit
explicit
RUT
Oil
Metals
USD
JPMorgan
9.0
Investment Bank $3170.00B
David Lebovitz 8.5
Investment Bank $3170.00B
David Lebovitz 8.5
5/21/2026 7:18:44 PM
ndx
We see structural opportunity in tech but want to lighten up a little on that exposure.
| 5/14/2026 7:40:03 PM | medium term up | 20 days later | +4.40% | +4.40% |
| 5/13/2026 3:00:21 PM | short term cautious down | 5 days later | -2.57% | +1.29% |
| 5/13/2026 2:55:57 PM | short term cautious down | 5 days later | -2.57% | +1.29% |
| 5/13/2026 10:19:39 AM | short term cautious down | 5 days later | -2.57% | +1.29% |
| 5/13/2026 8:05:25 AM | medium term up | 20 days later | +3.35% | +3.35% |
| 5/13/2026 12:36:48 AM | short term cautious down | 5 days later | -2.57% | +1.29% |
| 5/13/2026 12:34:18 AM | short term cautious down | 5 days later | -2.57% | +1.29% |
| 5/12/2026 6:08:55 PM | short term cautious down | 5 days later | -1.27% | +0.63% |
| 5/12/2026 2:35:01 PM | medium term up | 20 days later | +4.41% | +4.41% |
| 5/5/2026 12:34:58 PM | medium term up | 20 days later | +4.90% | +4.90% |
| 3/16/2026 6:26:04 PM | short term up | 6 days later | -2.39% | -2.39% |
| 2/24/2026 12:51:39 PM | medium term cautious up | 20 days later | -2.17% | -1.08% |
| 12/10/2025 9:48:13 PM | short term up | 5 days later | -2.16% | -2.16% |
| 11/18/2025 7:37:06 PM | short term cautious down | 5 days later | +0.95% | -0.47% |
| 11/18/2025 1:29:07 PM | short term cautious down | 5 days later | +0.95% | -0.47% |
| 10/3/2025 8:26:15 AM | medium term up | 21 days later | +3.37% | +3.37% |
| 10/2/2025 2:34:39 PM | short term cautious up | 5 days later | +1.42% | +0.71% |
| 9/30/2025 3:03:56 PM | medium term up | 20 days later | +1.32% | +1.32% |
| 9/30/2025 2:47:47 PM | medium term cautious up | 20 days later | +1.32% | +0.66% |
| 9/10/2025 6:33:02 PM | medium term up | 20 days later | +3.37% | +3.37% |
| 8/28/2025 10:33:52 PM | short term up | 5 days later | -+0.00% | -+0.00% |
| 8/7/2025 4:17:53 PM | medium term up | 20 days later | +0.39% | +0.39% |
| 8/5/2025 6:19:07 PM | short term up | 5 days later | +0.91% | +0.91% |
yields
5% is still a line in the sand on the 10-year. If yields get to that point, equities would get some indigestion.
| 5/21/2026 9:17:57 AM | short term up | 5 days later | -1.69% | -1.69% |
| 5/13/2026 10:40:42 AM | medium term up | 20 days later | +0.67% | +0.67% |
| 5/12/2026 2:35:01 PM | short term up | 5 days later | +3.17% | +3.17% |
| 5/11/2026 3:12:21 PM | medium term up | 20 days later | +0.27% | +0.27% |
| 5/6/2026 7:59:28 AM | medium term up | 20 days later | +2.03% | +2.03% |
| 5/5/2026 9:11:37 AM | short term cautious up | 5 days later | +1.24% | +0.62% |
| 4/30/2026 2:45:27 AM | short term up | 5 days later | -0.50% | -0.50% |
| 4/30/2026 2:09:30 AM | short term cautious up | 5 days later | -0.50% | -0.25% |
| 4/30/2026 1:27:38 AM | short term cautious up | 5 days later | -0.50% | -0.25% |
| 4/29/2026 12:00:22 AM | medium term sharp down | 20 days later | +4.15% | -6.22% |
| 3/31/2026 2:37:12 PM | medium term cautious up | 20 days later | -0.63% | -0.31% |
| 3/13/2026 9:15:48 PM | short term up | 7 days later | +2.70% | +2.70% |
| 3/11/2026 11:21:40 PM | short term up | 5 days later | -1.66% | -1.66% |
| 3/5/2026 1:17:37 AM | short term cautious up | 5 days later | +1.81% | +0.91% |
| 2/6/2026 5:06:02 PM | medium term cautious down | 21 days later | -3.57% | +1.79% |
| 12/11/2025 1:18:26 AM | short term down | 5 days later | -1.03% | +1.03% |
| 12/10/2025 9:25:29 AM | medium term cautious down | 20 days later | +0.53% | -0.27% |
| 12/1/2025 2:17:57 PM | medium term up | 20 days later | +2.03% | +2.03% |
| 11/21/2025 1:54:47 PM | medium term up | 21 days later | +3.57% | +3.57% |
| 11/7/2025 6:12:18 PM | medium term cautious down | 21 days later | -0.34% | +0.17% |
| 11/4/2025 12:53:31 PM | medium term cautious up | 20 days later | -3.73% | -1.86% |
| 10/30/2025 1:40:41 PM | medium term cautious up | 20 days later | +0.12% | +0.06% |
| 10/29/2025 8:30:24 PM | short term cautious down | 5 days later | -0.10% | +0.05% |
| 10/21/2025 2:15:04 PM | short term cautious down | 5 days later | +1.11% | -0.56% |
| 10/16/2025 5:42:00 PM | medium term cautious up | 20 days later | +2.15% | +1.07% |
| 10/1/2025 3:11:20 PM | medium term cautious down | 20 days later | -3.30% | +1.65% |
| 9/30/2025 10:13:15 PM | medium term cautious down | 20 days later | -3.48% | +1.74% |
| 9/22/2025 5:25:48 PM | medium term up | 20 days later | -1.67% | -1.67% |
| 9/17/2025 6:49:25 PM | medium term cautious down | 20 days later | +0.61% | -0.30% |
| 9/11/2025 11:57:02 PM | medium term cautious up | 20 days later | +0.66% | +0.33% |
| 9/11/2025 4:51:16 PM | short term down | 5 days later | +0.37% | -0.37% |
| 9/10/2025 9:53:06 PM | short term cautious down | 5 days later | +0.37% | -0.19% |
| 9/10/2025 6:33:02 PM | short term cautious down | 5 days later | +0.37% | -0.19% |
| 8/28/2025 1:07:30 PM | short term cautious down | 5 days later | -0.38% | +0.19% |
| 8/15/2025 9:10:00 PM | short term cautious down | 7 days later | -1.52% | +0.76% |
| 8/12/2025 4:29:28 PM | medium term cautious up | 20 days later | +0.92% | +0.46% |
| 8/8/2025 2:04:22 AM | short term cautious down | 7 days later | +1.59% | -0.80% |
| 8/4/2025 11:59:32 PM | short term down | 6 days later | +1.84% | -1.84% |
