FED "Puts" a Lid on Equities
Dow -1863, SP -183 NQ -456
Well we hope our readers took note of the defensive posture on our GFBP Position tracker taken after the FOMC meeting yesterday. We sensed the nervousness out of the FEDs statement and their outright honesty with the longer term rate picture gave us a clear indication that they are indeed in uncharted territory.
We suppose a few of the large algo driven HFT investors recognized this as well and today we are seeing a continuation of the sell off that began after the FOMC meeting.
We hope you had a chance to listen to the Futures Radio Show podcast we did with Anthony Crudele. If you didn’t here is the YouTube Link, Mike Agne on Futures Radio Show
We think investors and traders will learn from the conversation we had especially given what is transpiring today. We talked about the Repo uptick which is an assured sign of stress in funding and liquidity. Anyway let’s take a look at the damage today.
Finviz.com has a great infographic, a sea of red here in the equities with the stalwart FAANGMs seeing a rare hit:
In futures land the SP500 is getting hit hard down 167 points:
So to is the Nasdaq down 416:
The beneficiaries of today’s equity bloodbath, obviously Bonds and VIX:
That’s all for now, we will send a GFBP Position Tracker update with our closing market settlements and comments later today, thank you for reading and following the Magnelibra Econemotion’s letter.
-Magnelibra Econemotions
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