Futures Settles and Tech Charts
What a day, even the equity markets seemed confused as the Nasdaq dropped over 1.7% while the Russell2k gained +4.2% in what seems to be a continuation of the swap out of Tech and into small caps in spectacular fashion today, here is the Magnelibra proprietary chart where we plot a 2xR2k vs Nasdaq futures in total contract dollar value:
The Nasdaq vs the SP500 has also broken down from prior highs:
All this while the US government bonds saw a big jump in yields today as the US Govt 30Y was up 11.8 basis points. The curve put in a nice bear steepening today in what seems to be a continued front end outperformance:
As far as the NOB and FOB charts you can see the steepening, however the BOB is not participating:
Alright here is how things shook out today across our settlement sheet, with the R2k (QR) the days big winner while the UltraBond (UDH) the day’s biggest loser:
Alright stay tuned more to come. We hope you find a way to support and share our work to your friends and colleagues, we would appreciate it! We view things from a different perspective and we try to bring you a real life professional thought process toward how to view the markets and current environments.
-Magnelibra’s Econemotion
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