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The big pain trades of Q1

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Mar 29, 2026, 3:08 PM ETState Road SPDR S&P 500 ETF Belief (SPY)QQQ, DIA, GLD, EEM, SHY, IVV, XLE, SMH, XLK, XLP, IGV, IWC, USO, KBE, BNO, VOO, SOXX, BTC-USD, DXY, MAGSBy: Kim Khan, SA Information Editor
Comply with us on Google for the most recent inventory informationComply with Looking for Alpha on Google for the most recent inventory information

BofA Securities lists the “many” ache trades merchants did not have on their bingo playing cards for Q1.

  • T-bills (SHY) beating AI Hyperscaler bonds
  • U.S. greenback (DXY) beating bitcoin (BTC-USD)
  • Oil (USO) (BNO) > gold (GLD)
  • Yield curve flatteners > steepeners
  • EM



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