Software stocks are experiencing a historic run: The Tech-Software ETF, IGV, has outperformed the Semiconductor Sector ETF, SOXX, by +16.59 percentage points over the last 6 trading sessions, the largest 6-day outperformance on record. This comes as IGV has rallied +8.37% over this period, to the highest since February 2nd. At the same time, SOXX has dropped -8.22%, to near the lowest since February 5th. This marks a historic reversal after software stocks underperformed by nearly -15 percentage points at the end of January, the biggest gap since 2008. This also comes after hedge fund short exposure to US software and services stocks rose to a record 3.8% last week. A short squeeze in software stocks has arrived.(The Kobeissi Letter)