🔎 Software Sinks to the Bottom

Software has been one of the defining equity stories of the past decade. Few business models scale as efficiently, and few industries have delivered shareholder value as consistently.

That’s why its position at the very bottom of our industry table this week stands out. Software $IGV has flipped from green to a deep red, sliding below its 2024 highs and taking meaningful technical damage during the recent pullback.

But this is where things get interesting.

If the broader market kicks back into rally mode, former leaders that have been hit the hardest tend to snap back with force. Software fits that profile perfectly.

Should momentum rotate back into risk-on assets, $IGV could be one of the first places money rushes back into.

This session is packed with data points you won’t see in the headlines — from luxury strength to denim cycles to one retailer that quietly beat a Mag 7 name over five years.

Macke ties these threads together into a clearer, more actionable view of the consumer.

The replay is now available if you want the full picture.