Why your tech and paypal holdings are getting clapped.

I ran a regime analysis across \~160 ETFs using short- and long-term momentum plus volatility expansion/compression. I also built a composite score, which combines short-term momentum, long-term momentum, and volatility regime into one standardized strength ranking by ETF category. Quick definitions: Bull Expansion = positive momentum + rising volatility (strong upside conviction) Bull Compression = positive momentum + falling volatility (steady grind higher) Bear Expansion = negative momentum + rising volatility (aggressive downside) Bear Compression = negative momentum + falling volatility (weak drift lower, no panic) Composite Score = blended short + long momentum adjusted for volatility regime to rank relative strength across categories Right now, long-term regimes are split between Bull Expansion and Bear Expansion. That’s not broad risk-on, that’s dispersion (capital is being moved). Value, commodities, and some mid-cap categories rank strongest on the composite. Tech and a few growth-heavy categories rank weakest. This looks like rotation, not a unified bull run. If people are wondering why they are getting clapped in the market while betting on tech and companies like paypal , hopefully this helps. Money is elsewhere at the moment. Wondering if you guys have different ways for regime identification or if I am just chopped af with my methodology.