Tech Stocks COLLAPSE as macro funds nuke ‘risk-on’ positioning into year-end

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November 19, 2018 3:25pm NASDAQ:QQQ

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From Tyler Durden: After a roller-coaster ride overnight, US equities are tumbling out of the gate with tech-heavy Nasdaq leading the collapse as various big-tech ‘no brainers’ such as AAPL, FB, and NVDA are all plunging…

As Nomura’s Charlie McElligott notes,¬†all leadership stocks are getting crushed as macro funds absolutely¬†nuke ‘risk-on’ positioning into year-end…

Whether due to 1) “end of cycle” view accelerating, 2) monetization / protection of YTD gains or the most likely 3) a mix of both points #1 and #2, Macro Funds cut risk across the board…

  • Macro Fund Beta to SPX down to just 17th %ile (from 39th %ile, and was 79th %ile one month ago)
  • Macro Fund Beta to Eurostoxx down to just 22nd %ile (from 76h %ile, and was 87th %ile one month ago)
  • Macro Fund Beta to EEM down to just 5th %ile (from 34th %ile, and was 67th %ile one month ago)
  • Macro Fund Beta to Nikkei down to just 39th %ile (from 80th %ile, and was 94th %ile one month ago)
  • Macro Fund Beta to Crude Oil down to just 34th %ile (from 84th %ile, and was 98th %ile one month ago

Individual names are getting hammered…

Zuck’s having a bad day – FB at 20 month lows…

Nvidia continues its collapse…

And Apple is back below its 200DMA…

The Invesco QQQ Trust Series I (QQQ) was trading at $162.87 per share on Monday afternoon, down $4.63 (-2.76%). Year-to-date, QQQ has gained 4.73%, versus a 1.27% rise in the benchmark S&P 500 index during the same period.

QQQ currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 41 ETFs in the Large Cap Growth ETFs category.

This article is brought to you courtesy of ZeroHedge.

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