Today is celebration! 

Not only do we get a fresh batch of Monthly Candlesticks today at the close, but we also get all the quarterly data at the same time. 

This kind of party only happens 4 times a year - where we get the monthlies and the quarterlies on the same day.

That day is today. 

As we head into Q2 of 2025, I think the big theme here is Overhead supply in major U.S. Indexes and massive underperformance from U.S. Technology.

See U.S. Technology and High Beta hitting new 22-month relative lows and also check out:...

We talk a lot about rotation around here. But there isn't anywhere that it's as pronounced as in U.S. stocks compared to everything else.

This week we talked about U.S. Technology and High Beta hitting new 22-month relative lows. 

Keep in mind, that despite so many things working this year, the exposure that U.S. Indexes have to American Tech stocks is off the charts. 

You simply don't have any American Mega-cap Tech stocks in Europe (FEZ), which is up over 14.5% this quarter. Latin America (ILF) and Africa (AFK) are each up 13.5% this quarter. And Chinese Internet (KWEB) is up 20%. 

These are historic returns to start the year. And I'm not cherry picking here. We're literally talking about every continent except North America. 

Meanwhile, the S&P500, Dow Jones Industrial Average and Nasdaq100 are all...