The Mag7 ATM Is Running Out of Cash

Between the Lines - Vol. 11

Seems everyone has decided Mag7’s multi-year bull run is finished for multiple reasons - capex, over-owned, crowded, now a funding leg. In reality, they probably just sold it as they needed cash to chase the next shiny thing.

SPX closed up on Friday at 7350 after the AI trade cooled a little. I’ll put my balls on the line before the paywall today, my July SPX target is 7,700. And if positioning stays the way it is, an August stupid-print above that is not off the table.