Nasdaq Tumbles Into Red, Erases Vaccine Spike As ‘Momo Meltdown’ Continues
Tyler Durden
Tue, 08/11/2020 – 08:02
All major US equity indices spiked in the early hours overnight on the back of optimistic vaccine headlines from Russia. However, while Russell 2000 futures are holding gains up over 1%, Nasdaq has tumbled into the red as the last few days trend of momo/growth vs value rotation appears to be accelerating…
As a reminder, the last two days have seen the biggest plunge in momentum since the early June quant-quake…
Source: Bloomberg
As the reflation trade inflects as money supply falls for two straight weeks…
Source: Bloomberg
…and momentum vs value flips…
Source: Bloomberg
The biggest two day rotation since the June collapse…
Source: Bloomberg
Cyclicals also dominated defensives…
Source: Bloomberg
Source: Bloomberg
If this is truly accelerating then that could begin to impact the mega-tech stocks driving the entire market, then look out below.
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