NQ Getting Hit Hard
Quick Update MEGA8s
We hope you guys read our note yesterday, we posted some really good charts and after market data, if you didn’t read yesterday’s post, please do.
As far as the markets today, here is a quick snapshot of today’s action with the Nasdaq on the receiving end of large selling waves, look at that Dow!
The Nasdaq vs SP500 is once again threatening a close below this 0.786, which from a major technical stand point means a new trend may be emerging:
We talked about the MEGA8s being about $300Bn above our fair value market cap model:
As of right now the MEGA8s are down about $160Bn in market cap, so today’s action is nothing in the bigger scheme of things.
DISCLAIMER: For educational purposes only. This is not a solicitation to buy or sell commodity futures or options. The risk of trading securities, futures and options can be substantial and is not for everyone. Such investments may not be appropriate for the recipient. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. Nothing contained in this message may be construed as an express or an implied promise, guarantee or implication by, of, or from the author Michael Agne owner of Magnelibra Capital Advisors. Magnelibra the CTA and its Global Futures Benchmark Program may hold long and or short positions in the various futures and markets that Magnelibra covers. We will never claim that you will profit or that losses can or will be limited in any manner whatsoever. Past performance is not necessarily indicative of future results. Although care has been taken to assure the accuracy, completeness and reliability of the information contained herein, we make no warranty, express or implied, or assume any legal liability or responsibility for the accuracy, completeness, reliability or usefulness of any information, product, service or process disclosed.
ALL RIGHTS RESERVED 2023