AI pain trade arrives

Thursday 22 October 2026

TME with the charts.

Sell low, buy high

Despite all the AI crash narratives, NDX remains trapped in the same range that has been in place since May. Chasing momentum at range extremes, in either direction, continues to punish traders. The agony of selling the lows and buying the highs lives on.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.