The Exchange Nike's Nosedive, Tech's Turnaround, and Gold's Gains 4/1/26
Apr 1, 2026
Nike's weakening sales outlook and China struggles that shook its shares. The Mag 7 tech rebound and why certain AI and software names are being bought. Energy's rally and why some think it is time to trim exposure. Rising mortgage rates denting housing demand. Gold's renewed rally and strategies for miners and allocations.
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Market Leadership Is Broadening Beyond Big Tech
- Markets are broadening beyond MAG-7 tech into small caps, value, and cyclicals even as indices near all-time highs.
- Carol Schleif cites repositioning under the surface and a tech innovation cycle (AI, robotics, cyber) supporting wider leadership shifts.
Take Profits After The Energy Surge
- Harvest energy gains after a rapid, historic run instead of assuming further upside.
- Carter Worth notes energy sector up 40% in three months and XLE 32% above its 150-day moving average—time to trim or sell.
Protect Gains In Energy With Trims Or Covered Calls
- If you're long energy after big gains, reduce exposure through trimming or selling calls.
- Carter Worth recommends short-term defensive moves like selling calls or trimming XLE before a market reversal.