$GLD - Gold is seen as a secular theme that will work despite volatility, with strong fundamentals and potential for significant upside if policy changes occur.
$ENERGY - Energy and oil are favored in a wartime allocation of capital environment with sustained higher commodity prices expected.
$INFRA - Real assets and infrastructure are seeing capital rotation from tech as manufacturing PMIs rise and the economy shifts to tangible goods.
Bearish:
$TECH - Tech faces headwinds from rising rates, inflation, and capital rotation to real assets, with high multiples under pressure.
$QQQ - The Nasdaq/QQQ is at extreme levels versus transports and real economy assets, suggesting mean reversion lower.