Macro Review: The 'Chokepoint' Did Its Job
2025-11-06 13:30:00 ET
The tape screamed tight plumbing and risk-off:
- Crypto led lower ( BTC-USD -10% w/w, ETH-USD -17%, SOL -20%).
- Long-duration tech bled ( QQQ -2.2%, ARKK -6.5%; XLK -2.7%).
- Rates up, prices down: IEF -1.0% w/w; 2s/10s/30s yields all higher.
- Defensives rotated: Staples ( XLP +3.1%) and REITs ( XLRE +2.0%) outperformed; Financials ( XLF +1.1%) held up, regionals ( KRE -1.8%).
- Gold essentially flat on the week ( GLD -0.6%) after recent vol; still massive YTD gainer.
- Europe and China lagged ( FEZ -2.6%, FLCH -3.8%).
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Macro Review: The 'Chokepoint' Did Its JobNASDAQ: VGSH
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