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Nasdaq Tumbles Into Red, Erases Vaccine Spike As 'Momo Meltdown' Continues

Tyler Durden's Photo
by Tyler Durden
Tuesday, Aug 11, 2020 - 08:02 AM

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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