The Market Ear on a down day.
Violent moves
Under the hood pain is huge today. DeepSeek déjà vu anyone? UBS writes: “There has been a big momentum unwind with the UBS basket (UBPTMOMO) -5.7%, which is the biggest move since January with the long leg selling off (-3.8%) and short leg squeezing (+1.9%). There is a significant selloff in the AI trade -3% whilst laggards like Tariff Losers +2.4% and Housing +4.2% jump higher. No clear catalyst…”
