The washout of leveraged semi ETF AUM is one of the healthiest things that can happen for the market.

24:29>> Yeah. So, uh Cullen Morgan at Goldman Sachs, uh could not say this better myself. Chro on please. The AUM of levered ETFs has dropped by over $100 billion. >> Thanks for playing. And of that $100 billion, 63 has come out of semis. To contextualize that 39% of leverage semi- ETF AUM has been reduced. The this decrease is one of the healthiest things that can happen for the market. Amen

24:58sister. >> I totally agree with that. And the semis rallied hard >> hard. >> Like the all that dumbass activity like got washed out and then real buyers came. I mean, I'm sure the leverage buyers came back today, too, but real buyers bought these stocks 30 40% off their highs and bought them with conviction today. >> They sure did. I'm not sure what exactly is in this basket cuz I had a hard time

25:26replicating this, but whatever. Goldman has a high beta momentum. Um, which >> you know, this is all Korean chip makers and [ __ ] like memory stocks in here. >> Uh, it had its worst 21day p. I mean it just it got smoked like smoked smoked smoked. All right, this is uh this is a great chart from from Duality Research. >> Put this up please. So we are looking at

25:49the S&P 500 in black of course that was the peak on June 2nd and then he breaks down what was the relative sector performance and Josh to your point. So I think this is great. We've gone sideways. We've chopped sideways. It's been a choppy market, like not super fun to trade, but you lost technology. Technology has been dog [ __ ] By far the weakest performer since it topped. And

26:14yet, despite it's what is this 20% 30% of the index >> market hung in >> whatever it is, the market. >> What is more bull What on earth is more bullish than the leadership group chart off? What on earth is more bullish than a situation where the leadership group pukes is also the largest sector and also has the most speculative activity in it gets absolutely taken to the