Sticky services just forced another duration cut. PMIs split hard. Services re-accelerated to 53.6 while manufacturing missed. $QQQ sold anyway. Yields eased and growth still got no bid. XLE caught the flow instead. Cash-flow cyclicals are absorbing what duration managers have to liquidate. That mechanical handoff isn't done. I think QQQ keeps lagging energy into next week's GDP and PCE. Agree or fade it?
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