What Was Behind Today's Tech Eruption: Goldman's Top Tech Trader Explains

In today’s market, the Nasdaq experienced a significant surge, particularly in the MagnifiSeven. This outcome was predicted after recent reports of hedge funds and long-onlies selling tech stocks at a rapid pace. In fact, this selling was the largest since mid-October. However, due to market unpredictability, the smart money’s liquidation of the Info Tech Long/Short pair trade led to a sudden increase, resulting in the Nasdaq’s best day since mid-November.