BTIG says high-beta momentum echoes past bubbles but stops short of calling it one

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โดย Seeking Alpha·Read original
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BTIG says the high-beta momentum trade is starting to resemble past boom-bust cycles, though the firm is not calling it a bubble. The Goldman Sachs High-Beta Momentum basket rallied 3,500% from its 2009 lows through June 2026, exceeding the Nasdaq Composite’s 3,092% gain during the 18-year run to the 2000 dot-com peak. The basket’s 32-month gain through June 2026 was 373%, compared with 225% for the Nasdaq Composite and 345% for the Nasdaq 100 in the 32 months before the 2000 top. From its June 22 high to its July 29 low, the basket fell 35% over 26 trading days, matching the average initial decline across eight prior boom-bust tops. BTIG sees potential for a tactical rebound that could retest the 50-day moving average in mid-August, but warns against overstaying if conditions worsen.

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