Our favourite ETF to get an insight into the volatile US software sector advanced another +1.8% overnight but we’re not ruling out a final washout of the battered sector, whether as a consequence of the Middle Easter conflict, &/or another AI disruption story that sees investors “sell first, and ask questions later.” We are comfortable with our call that the sector is “looking for a low” for at least 2026, but we’re still 50-50 as to whether another leg down is required to reach peak bearishness.
- The IGV ETF has bounced 10-15% as expected last week, but the risk/reward is fading fast.
MM is now neutral towards the IGV ETF around $US86
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