FOMO check: Everyone's saying "Democrats won, stocks will fly." The S&P 500 ($SPY ) just wiped out twice its post-election gain in one session.
→ Yesterday +1.6%, today −3.8%; now −2.3% below the election-day close
→ Nasdaq 100 ($QQQ ) −5.7%, VIX from 16.7 to 27.4
→ Options: net call premium ~−$769M, net put ~+$392M
I think the election news was already priced in — the real story is the unwind in semis. Worst case: if the S&P closes below its 200-day average at 7,323, the election-rally narrative is dead; that's the close I'm watching.
Watching: $SPY $QQQ $IWM
#USStocksSlipandCryptoMarketUnderBroadPressure #Economy #Stocks
→ Yesterday +1.6%, today −3.8%; now −2.3% below the election-day close
→ Nasdaq 100 ($QQQ ) −5.7%, VIX from 16.7 to 27.4
→ Options: net call premium ~−$769M, net put ~+$392M
I think the election news was already priced in — the real story is the unwind in semis. Worst case: if the S&P closes below its 200-day average at 7,323, the election-rally narrative is dead; that's the close I'm watching.
Watching: $SPY $QQQ $IWM
#USStocksSlipandCryptoMarketUnderBroadPressure #Economy #Stocks
