Wish people stop with this. Haven’t looked at markets since the open and was wondering what the heck I missed. 1.2% move is more of a beginning of a pullback then a wall. Kind of worried me for a bit as I didn’t see any alerts.
1.2% in what? Oh, you mean SP. Never mind the NAS 2.3% drop then. Never mind that in equivalency, a 40 point drop in ES, your 1.2% drop is $2K per contract. In NQ, 2.3% drop (~250 points) is about $5K per contract. Don't sweat the details?
In fairness, most people care about the broad market, ie spooz. Also, actual dollar move on some random contract is kinda irrelevant - what makes sense is scaling the move by the relative volatility, like NDX moves roughly 1.3-1.5 times the spooz. Anyway, I think we saw some serious profit taking in tech today but nothing to suggest an upcoming end of the world.
Earnings from the Dow 30 and Nasdaq 100 have been lackluster the last two weeks. Even without guidance, I can see that companies are not performing well compared to their prior reports.
Good down move while it lasted/qqq/sqqq; QQQ tends to outperform dow, regardless.I get more guidance from a 2oo/50 day moving average on qqq. Some in markets look ahead 6 months; but summer rally tendsto be weaker than 1st + last quarter...……………………………………………………………………………………………………………..BA looked like a trainwreck but we will see.