NASDAQ - welcome to range highs
The latest move in NASDAQ has been brutal, and has caught most off guard.
Big tech became a "forgotten" tech and is creating huge pain, especially this sector offering such good value, while many other chased assets are way too expensive.
Our general tech, and specifically FAANGMs, view has been to express upside trades via cheap optionality.
With NASDAQ futs approaching recent highs, we probably need a pause, although several FAANGMs probably have some more room to go as people are forced to chase stuff +10% higher.
If you managed catching the latest melt up in big tech, we find rolling strikes higher and keeping some profits interesting, or if you played long outright deltas, replacing those with cheap upside calls in case tech continues higher.
Key level in NASDAQ futs around 13800.
Big tech became a "forgotten" tech and is creating huge pain, especially this sector offering such good value, while many other chased assets are way too expensive.
Our general tech, and specifically FAANGMs, view has been to express upside trades via cheap optionality.
With NASDAQ futs approaching recent highs, we probably need a pause, although several FAANGMs probably have some more room to go as people are forced to chase stuff +10% higher.
If you managed catching the latest melt up in big tech, we find rolling strikes higher and keeping some profits interesting, or if you played long outright deltas, replacing those with cheap upside calls in case tech continues higher.
Key level in NASDAQ futs around 13800.