Are you offside?
The Sandbox Daily (2.4.2026)
Welcome, Sandbox friends.
Today’s Daily discusses:
what market rotation looks like
Let’s dig in.
Blake
Markets in review
EQUITIES: Dow +0.53% | S&P 500 -0.51% | Russell 2000 -0.90% | Nasdaq 100 -1.77%
FIXED INCOME: Barclays Agg Bond -0.06% | High Yield -0.12% | 2yr UST 3.555% | 10yr UST 4.278%
COMMODITIES: Brent Crude +1.93% to $68.63/barrel. Gold +0.90% to $4,979.3/oz.
BITCOIN: -4.00% to $72,895
US DOLLAR INDEX: +0.21% to 97.644
CBOE TOTAL PUT/CALL RATIO: 0.84
VIX: +3.56% to 18.64
Quote of the day
“Don’t change the world, change yourself. Change your response to the world. The world is fine, it’s not going to change, and you’re going to twist yourself up in knots trying to change it.”
- Jared Dillian, We’re Gonna Get Those Bastards in Acceptance 2
Rising cross-asset volatility has investors attention early in 2026
Many investors are finding their way to the medicine cabinet seeking out Pepto-Bismol to help settle some early indigestion to start their year.
The slump across Tech, cryptocurrencies, and the more offensive corners of the market are grabbing the majority of headlines to start 2026, as these segments of the market have been kneecapped one day after the next.
Major rotations across and within asset classes are causing investors to rethink their positioning, as many of the winners from this cyclical bull market roll over and give way to strength in under-owned areas of the market like Energy, Materials, Consumer Staples, small-caps, and international markets.
The question many investors are now asking: is this a temporary shakeout in many of the different crowded trades, or the start of a more durable shift in leadership?
For now, the scoreboard is speaking: last year’s winners are this year’s losers.
This is what market rotation looks like. This is what market broadening feels like.
Time to ask yourself: are you offside?
Source: S&P Dow Jones
That’s all for today.
Blake
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Welcome to The Sandbox Daily, a daily curation of relevant research at the intersection of markets, economics, and lifestyle. We are committed to delivering high-quality and timely content to help investors make sense of capital markets.
Blake Millard is the Director of Investments at Sandbox Financial Partners, a Registered Investment Advisor. All opinions expressed here are solely his opinion and do not express or reflect the opinion of Sandbox Financial Partners. This Substack channel is for informational purposes only and should not be construed as investment advice. The information and opinions provided within should not be taken as specific advice on the merits of any investment decision by the reader. Investors should conduct their own due diligence regarding the prospects of any security discussed herein based on such investors’ own review of publicly available information. Clients of Sandbox Financial Partners may maintain positions in the markets, indexes, corporations, and/or securities discussed within The Sandbox Daily. Any projections, market outlooks, or estimates stated here are forward looking statements and are inherently unreliable; they are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur.
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