Nasdaq Bounces & Dollar Bid
Thank you to our Veterans
Today is Veteran’s Day and Magnelibra is always thankful to the sacrifice and dedication to all our soldiers living and those that have since passed. America is protected not only by our soldiers physical presence, but by the mindset that this country, that what it stands for, its ideals are worth dying for. This is why we get very disgusted at those that trample on the very blanket of freedom and the very flag that is emblematic of our soldiers and all those dedicated to protecting what we have. One of Magnelibra’s earliest investors and backers was a Navy Veteran whom we lost this year. He was family, he was a friend, a mentor and his legacy will live on long past his time here and its within his legacy that Magnelibra will continue to build and fight toward a more prosperous future.
One nation under God, indivisible, with Liberty and Justice for all
During this time of uncertainty with our election, with this Covid, we must remember its our duty as citizens to ensure that our Republic remains intact and thus patience and virtue are paramount. In the end we know America will prevail.
As far as market action, today saw the Nasdaq bounce its why back with a fury and leaving the other indexes behind. We warned yesterday that the NQ has a tendency to fight back each and every time as investment philosophy is hard to bust. Anyway let’s look at today’s settlements (we estimated US bond yields given futures move):
The Nasdaq is bracketed by the long term linear trend channel:
The GFBP Positions Tracker remained in Hedged Short with zero changes to the Newsletter positioning for those keeping track. The Nasdaq short could have been hedged out by some calls, but we continue to believe the tracker is offering the optimal position at this point:
We do pride ourselves in our analytics and the work we have done developing this program, as always our goal is to present the tracker as our sentiment for the markets we cover and shed some light on how we actually navigate things from the long/short/neutral perspective. We feel our cross asset sector correlation model is superior to a general CTA trend model and thus offers us the type of dynamic flexibility required in today’s algo driven market.
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-Magnelibra Econemotions
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