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

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.