Equity Specs Getting Punished
NQ -4.7%
As we have been highlighting the last few posts about what has been underlying the equity markets strength today’s selling shouldn’t come as a surprise. We posted yesterday about the massive expansion in Apple Implied Vol and the arbs dream of “free money” given the extension and well, look what happened today! Apple and the whole Q+TFAANGMs are getting punished all down basically 5+% or or more:
The Nasdaq technically has been well over extended and a day like this was inevitable, whether or not the big dogs that have been licking their chops waiting to pull the rug continue to let it slide or if the Trump Administration and the FED step in to calm things with Vaccine or Stimulus talk still TBD. Anyway here is the technical set up and nearest support Magnelibra sees:
