Shorts Covered. Puts Dumped. Fear Gone.

The tech snapback

Nasdaq positioning has snapped back hard. After briefly dipping negative, Non-Dealer net exposure saw buying every week from August 4 through September 1, totaling a record $51.3bn in notional terms, according to Quinn.

A big part of the move came from option-market and broader hedge unwinds, although genuine buying also showed up across several cohorts. Bottom line: Nasdaq futures positioning is now relatively elevated heading into a packed micro and macro calendar.