We Nailed the NQ High
NQ Retreats
When you peg the top of the Nasdaq Future like we did today, well you have to congratulate yourself, and to our readers that read yesterdays, Nasdaq and Silver Ramp YOU ARE WELCOME!
The high today was 11058 the EXACT number and top of our channel that we were looking for during today’s action which hit this morning and has since retreated as the other indexes are clearly outpacing the Nasdaq, (for now). Here is the chart currently:
This volatility is expected and the dislocations within the index butterflies themselves are proving many are either wrong sided and bailing at extremes and or the reversion crowd continues to hope that the NQ underperforms as we have seen some NQ/SP ratio charts out there depicting extremes not seen since early 2000. Here is a quick update for the Equity Asset Class currently:
Our patience in the Silver cost us a big move, but we will continue to watch and expect Silver to lead the metals, as the coin shortage that is going on might mean there is deeper issues here:
Ok our subscribers will get the update to our tracker today where we will most likely be paring some positions down to take off some risk here after a good run. If you aren’t a paying subscriber you should be and you too could see just exactly how Magnelibra’s Global Futures Benchmark Program Positions Tracker looks to balance the asset classes and instruments within the futures sphere.
-Magnelibra Econemotions
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