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.
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