PremiumRecord Nasdaq Longs Walk Into Megacap Earnings Week: Goldman Warns "Meaningful Futures Selling Could Ensue"
Last Tuesday, we asked whether Nasdaq was at a crossroads, with futures longs stubbornly refusing to capitulate despite an AI meltdown under the surface. One week, one Meta faceplant, and one $95 billion equity raise later, we have the answer: they still haven't.
In fact, they bought more. According to the latest CFTC data, Nasdaq non-dealer net positioning hit a new nominal high in the week through October 20, as non-dealers bought $9.5 billion of futures while the index slid 3.5%. That was the third straight week of buying, for a cumulative $21.8 billion since September 29.