Very strong day!

Just a quick note.

·        Small cap value momentum systems printing all-time highs (and small cap value is in the bottom 20% of its historical valuation, the small cap value factor is cheap, which is good!).

·        Quality high beta systems strong

·        Cyc industry groups strong

·        Tech industry groups strong

·        43 of 65 higher beta industry groups (cycs and tech) outperforming the spy

·        19 out of 25 higher beta industry groups (cycs and tech) in the top 25

·        Breath very strong

·        Macro improving and positive surprises. China reopening gets underestimated, it is not in the data yet!

I am long 78% small cap value momentum systems and a 22% short on the Russel basically with a bias to cover the short (but I cannot get a good pullback here, lol).