Mike Akins

"We're seeing a rotation of assets year to date... from that AI theme to more a real asset type thematics whether it's the infrastructure whether it's America industrial reshoring." Capital is rotating out of crowded technology trades into tangible assets that benefit from government spending and supply chain restructuring (reshoring). Long sectors tied to physical economy building (Infrastructure, Manufacturing, Commodities). A sudden deflationary bust or a reversal in government infrastructure spending.

"We're seeing a rotation of assets year to date... from that AI theme to more a real asset type thematics whether it's the infrastructure whether it's America industrial reshoring." Capital is rotating out of crowded technology trades into tangible assets that benefit from government spending and supply chain restructuring (reshoring). Long sectors tied to physical economy building (Infrastructure, Manufacturing, Commodities). A sudden deflationary bust or a reversal in government infrastructure spending.

Emerging markets ex-China offer a catch-up trade, though the heavy allocation to memory chips after their crazy run is a risk, suggesting weighting methodologies or active management to manage that exposure.

Software and cloud computing names have come down from nosebleed valuations to in-line or below the broader market while still showing very strong growth, and upcoming earnings will prove that we still need software for day-to-day jobs.

Infrastructure thematic ETFs will continue to play a big part in the broadening market, attracting attention and flows alongside other downstream trades.

Higher oil prices holding back the major averages today as the war in Iran continues to fuel uncertainty among investors. A direct conflict involving Iran threatens Middle Eastern oil supply chains. This geopolitical premium restricts global supply, driving up crude oil prices and directly benefiting oil commodities and energy sector equities. LONG because geopolitical supply shocks create immediate upward price pressure on energy assets. De-escalation of the Middle East conflict or a sudden drop in global energy demand due to a macroeconomic recession.

Higher oil prices holding back the major averages today as the war in Iran continues to fuel uncertainty among investors. A direct conflict involving Iran threatens Middle Eastern oil supply chains. This geopolitical premium restricts global supply, driving up crude oil prices and directly benefiting oil commodities and energy sector equities. LONG because geopolitical supply shocks create immediate upward price pressure on energy assets. De-escalation of the Middle East conflict or a sudden drop in global energy demand due to a macroeconomic recession.

"There's a lot of QQQ type strategies that have covered calls on it now that have done very well and have returned a nice solution for the investor." While institutions execute covered calls internally, the retail migration to these strategies via ETFs creates structural support for the underlying index (Nasdaq-100). The success of these products reinforces the "buy-the-dip" mentality in the underlying tech heavyweights. Long QQQ (and its derivative variants) as a beneficiary of this structured product ecosystem. Tech sector volatility exceeding the premium collected by these strategies.

Institutional investors (who own 60% of the ETF market) are "sticking with or even reverting back to more simplistic strategies" and core categories. Large investment advisors and broker-dealers are prioritizing safety and traditional beta over exotic trading strategies. This massive flow of capital supports the floor for major indices. LONG. Follow the institutional flow into core, simplistic allocations rather than chasing the niche complexity favored by retail. If the market enters a period where alpha generation requires complexity (e.g., high volatility requiring hedges), simple beta strategies may underperform.