The Dollar Is Actually Okay
The bears pull the fire alarm on tech, all the other sectors called in sick, I make a pro-dollar argument, and worry about homebuyers' habits.
Welcome to this week’s edition of The Macro Obsession.
The best round-up of current events and trends in finance, tech, and the real economy currently in your inbox!
Issue #33 — Week of February 15th, 2026
Tech Bears Call the Top
Sell America Is Oversold
Say It With Me, “All the Jobs Are…”
Housing Arbitrage & Cold Feet
Tech Bears Call the Top
I’ve been awed by the market dynamics playing out over the last few months. At least since I first took notice in “Revenge of the Small Caps” (TMO #24) and reiterated last week in “Fresh Breadth” (TMO #32), there has been an ongoing rotation that has seen unloved sectors and market segments be bought up, while tech sells off, largely driven by software firms.
While technology has seen the largest earnings growth YTD, it’s lost nearly 5% in price. Meanwhile, the energy sector has returned 21% in price while having their earnings fall! These unloved sectors are seeing high valuation multiple growth, while tech’s multiple has contracted by 10%.
The funny thin…
