The S&P 500 has been pushed to high prices by central bank and government money flooding the system, but since that flow of money could dry up at any point, the thinking here is to avoid making big bets in either direction right now.
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The thinking here is that the Nasdaq is priced richly thanks to a flood of money that's been propping up valuations, and because big AI spending is now tied to rising long-term interest rate pressures, there's enough risk on the table that it makes sense to pull back from aggressive bets on QQQ rather than lean heavily bullish or bearish.
The author suggests buying PSQ — an ETF that rises when the Nasdaq falls — as a simple way to protect a tech-heavy portfolio against expected market turbulence following the election and an uncertain year-end rally.