Nasdaq Soars & Tesla Roars
Global Futures Benchmark Program Positions Tracker Update
As we pointed out in our update yesterday to the tracker, the move on July 3rd prompted the GFBP Position Tracker to move into a Hedged Long status and hear is today’s result and there are no changes to the model, staying Hedged Long but will look to put on put structure equity hedges on another leg up:
As far as the settlements of all the markets Magnelibra Capital Advisors follows once again, the Nasdaq is the clear standout on the day with RBOB the big contract loser:
As we noted and as we spoke to a few investors last week that asked us “How high can Tesla go” to which we aptly replied, as high as possible with zero known restrictions.
Why?
Because the only thing that matters is QE, leverage and continued pedal to the metal central bank back stopping. Here’s the chart and if we wanted to try and say with some technical sentiment where the resistance points were, well the extension levels of the fib .618 and .786 are as follows:
As far as market cap comparison, well Zhedge put this out today comparing the market caps of some of US biggest companies:
You want to step in front of that Electric Train??? We certainly don’t!
With that said, let’s look at the Nasdaq futures, its had an 800 point run with minimal pullback and thus we would expect 10250 on the bottom side to be first support on any rotation down with our upside targets still well above at 11600/700 area:
The SP500 future has the 3165 all important level where we would suspect some posturing to take place here for a few days. Bears would love to get a close under this 3165 level:
Silver has caught everyone’s attention and continues to plug along in its bullish trend channel:
Finally the Euro currency is at the top of its range again, technically we would suspect a trade up to test the bulls resolve, but its tendency has been stuck in this ranged channel:
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Our Founding Membership GFBP is something we created in order to enhance the subscriber experience in regards to having access to some of the proprietary information that Magnelibra Capital Advisors utilizes in order to create an alternative strategy using futures and options. This daily tracker is to demonstrate how a systematic/discretionary program positions itself within the various asset classes that Magnelibra operates within.
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-Magnelibra Econemotions
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