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Below is a trading comment entitled Macro Perspective – Technology you may find interesting:
An increasing level of concern is rising within the Bond, Equity and Real Estate Complexes or Markets. I prefer Complex as each “Market” has a number of entities using their control mechanisms.The Equity Complex has a number of headwinds approaching for Technology (NQ). Yields, specifically the 10Yr Treasury Notehas been a reliable Instrument for an Inverse or Negative Correlation. 10Yr Yields rose Friday 4.6%In addition, we want to observe the Long End of the Yield Curve flattening – this is a warning sign, one which proceeds corrections.Technically, the most recent reversal has seen poor breadth within NQ. The majority of the rise have been driven by the usualnarrow Big Cap, heaviest weighted Equities. AAPL, GOOG, AMZN, FB, MSFT – NVDA provided most of the gains for Index.Unusual option activity has been on the rise as well, favoring large and often extreme positions for downside. One Trade amounted to $40Million in QQQ 340 Puts. The NQ has repeatedly created a large squeeze prior to a reversal, the last thrust higher pushed up 500 points late in the day only to collapse the following day, giving up all of its gains.IMHO, something is brewing which will be extremely bad for the NQ. There are a number of vectors for it see a large correction. Earnings will be led by share buy backs, Co2 Credits and a host of other accounting manifestations, but Gross Revenues should be less than optimal for a sustained uptrend.The “Delta” variant may encourage some traders to position for increasing “growth” initially – this is not March of 2020. Taiwan …