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TME has the setup for equities.
Something has to give
Nasdaq is approaching a critical crossroads. Tech is dramatically underperforming small caps, credit stress is finally catching up with equities, and volatility has surged. Yet futures positioning remains stubbornly elevated, bearish hedges are quickly unwound, and NDX continues to hold its broader trading range. With earnings approaching and the critical 29k futures level in focus, the tension between deteriorating internals and resilient positioning is becoming increasingly difficult to ignore. Something has to give.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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