Nasdaq just printed 12 green days in a row

Been staring at sector flows all afternoon and the rotation is wild.

The headline is easy S&P above 7,000, Nasdaq at 24,103, Iran ceasefire optimism, AMD ripping 7.8% on AI demand. But the part nobody's talking about is who's buying. JPM's flow data just showed retail participation jumping from the 10th to the 55th percentile in a matter of days. That's the "I-can't-stand-watching-this-anymore" crowd capitulating into the rally.

What's actually leading vs. lagging today:

Leading (top gainers):

• Quantum Sensors +3.97%
• Advertising Agencies +3.93%
• Hyperscale Cloud +3.47%

Lagging (top losers):

• Hydrogen / Fuel Cells -1.95%
• Outpatient Clinics -1.88%

Notice the pattern? The winners are all "AI-adjacent story stocks" , quantum compute, digital ads riding cloud capex, and the hyperscalers themselves. The losers are secular story names (hydrogen) and rate sensitive healthcare services. This isn't a defensive tape. Nobody's hiding. It's a "chase what's working" tape, and what's working is still tech + AI.

The risk here isn't that the rally is fake. It's that retail is piling in right as the streak hits a level that statistically mean-reverts. 12 day streaks don't tend to extend to 15.

Not calling a top. Just saying if you're new money chasing here, size accordingly. The edge isn't where it was two weeks ago.

What's everyone's read chase or trim?