Mar 11, 2021 AT 07:12PM
Nasdaq -2.5%, SPX -0.5%. Russell +0.8% and Dow +1%
MoMo < VaL – Ratio -6.5%
NQ < RT – Ratio -3.3%
ARKK -6%, FAANG -5% with Tesla -6%, Apple, Google, and Netflix -4%
Gold = $1680, Silver nears $25 and WTI reversed earlier gains to fell < $65.
US indices closed mixed as the rotation out of tech continues with Dow climbing by 300 points to record levels while the mega-cap tech index slid by 2.5%. As Bloomberg pointed out, it’s the first time since 1993, the Dow is at a record, while the tech-heavy Nasdaq is down around 10% from its high. Momentum meltdown extended with the ratio of value plunged by another 6% and is now down 35% over the last 5 sessions and -60% off Feb 9th peak. FAANG, ARKK also plummeted with Apple, Microsoft, Google closed lower by 4%. Elsewhere, Treasury yields were higher on the day but only modestly with US 10YR stable around 1.60%, the dollar strengthened and rallied to its highest close since early Nov. Crude reversed earlier gains to close lower on the day with Brent fell by 2% after soaring >$71. Cryptos extended gains with Bitcoin >$51k, Ethereum soared after the EIP-1559 approval while Gold, Silver fell with bullion dropped to $1680 lvl.
