Goldman's Peter Callahan: "V-Shaped: NDX now up ~945 bps in just 4 sessions (since last Thursday), punching back above its 50-dma to the upside. This 4-day move stacks up with how Tech has traded out of (or during) other notable market “events” over the last 20 years (GFC, COVID, ’22 Hiking Cyle, Liberation Day, et al). Why the big move? Cleaner positioning + improved technicals [Mo’ factor bounce and/or reduced levered ETF footprints, et al] + tidier valuations [NDX fwd P/E at a ~10% discount to its 5 year avg] + strong(er) fundamentals / visibility [e.g  improved ROIC sentiments post earnings last week]. As a sentiment check, i would note a number of investor questions yday/today on the “feel” out there – e.g. squeezy? hated rally? Signs of re-risking? Catalysts? Semis vs Hyperscalers? Chase or technical bounce?"(zerohedge)