Sun, 11/08/2020 – 19:19
Nasdaq is now up over 10% from the close the previous Friday…
The driver? A media-announced Biden win? Or is it simpler than that?
As JPMorgan notes, the big vol player in TMT is back in the market…
But, as the chart shows above, JPMorgan warns that the last time this pushed Tech lower after activity died down, underperforming RTY & SPX in September.
Given the move in NDX spot, JPMorgan says that a lot of the call spread buyers in early Oct are not back in play. It matters for price as the gamma produced is meaningful. Additionally, JPMorgan’s desk has seen upside buyers of IWM/RTY…
While stocks are storming higher, bonds are unchanged and the dollar is marginally lower.
Go to Source
Author: Tyler Durden