The market has been grinding higher today, with the momentum attempting to recover from its recent decline. Despite the lack of significant news events, volumes have remained moderate but ETFs continue to drive activity. The highest velocity barbells have seen a reversal in their trends, with the KOSPI experiencing its worst day ever and Bitcoin dusting itself off for an 8% gain. Semis are also providing strength, helping drive the market upwards. Our GSTMTSFT basket has seen a positive update today, marking the sixth time in seven sessions that it has risen despite the overall positive outlook.

The market has been characterized by its ability to recover from setbacks and continue grinding higher. The lack of significant news events has contributed to a sense of complacency among investors, with many feeling that there is nothing significant to see here. However, the momentum indicators show that the market is attempting to recover from its recent decline, and the highest velocity barbells are experiencing a reversal in their trends.

The KOSPI’s poor performance yesterday was a stark contrast to its blistering start to the year, and Bitcoin’s 8% gain is helping drive the cover bid to the market. The software sector appears to be bottoming out, with our GSTMTSFT basket experiencing its sixth consecutive rise despite the positive Anthropic update earlier today.