Positions Update: Microsoft, Nvidia, and Bitcoin

Microsoft topped on February 13th, making a series of lower highs while the S&P 500 (SPX) continued higher. We now have Tesla, Apple, Google and Microsoft not participating in the current push higher, which is a big warning for the bulls. Not only were these stocks market leaders in 2023, but they account for ~18% of the total weighting within the S&P 500. This is a large weight around the broad market, and a divergence that should not be ignored.

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