Hello everyone,
Hope you all had a great weekend.
This past week, after a hot CPI the market went into a risk off mode and Nasdaq ended up losing 4.48% on the week. We were able to capture majority of the downside and still have a few puts on the indices for the upcoming week.
Realtime Discord access with equity positions tracker(new website rolling out to select subscribers), intraday orderflow & option dealer summaries included with the paid newsletter membership . Click here to subscribe.
IS IT OVER?
We are seeing a lot of people flipping bearish after Nasdaq shed 2000 points from the high, which is exactly what momentum traders do.
The percentage of stocks above 20d moving average has started to noticably improve and looks like it bottomed a while ago.
The destruction of Nasdaq may continue due to MAG7 bleed closer to the OPENAI/Anthropic IPO.
But the broader market has improved in the last few weeks.
What does this mean for your portfolio?
