BWET
MU
NINE
SNDK
The momentum party lost a little steam
Wall Street’s favorite “buy what’s already working” trade just took a hard left turn. Goldman Sachs data shows the S&P 500 momentum factor had one of its steepest three-week sell-offs on record, which is basically the market’s way of saying, “Thanks for the run, now please get off the dance floor.”
That doesn’t automatically mean the bull market is over. More often, it means investors are doing a little portfolio spring cleaning: trimming the crowded winners, booking gains, and hunting for the next shiny thing.
So where’s the money going?
The piece points to a few places where momentum is already reappearing:
- Sandisk (SNDK) is flashing top-tier momentum as AI infrastructure spending keeps pulling demand through the memory and storage chain.
- Micron (MU) is getting a boost from traders leaning into the high-bandwidth memory story, with the leveraged ETFs MULL and MUU riding shotgun.
- BWET, the tanker shipping ETF, is benefiting from geopolitical nerves around the Strait of Hormuz, where any disruption can tighten supply and nudge freight rates higher.
- NINE is another energy-sector name showing up near the top, which says a lot about how broad this rotation could get.
What this means for your watchlist
If you’ve been living in the same AI winners for the last two years, this is the market reminding you that leadership is a moving target. Momentum isn’t dying; it’s just redecorating.
Big picture: when the crowd gets too crowded, the market usually makes room elsewhere. The trick is figuring out whether this is a brief detour or the start of a brand-new parade.