Index concentration is a portfolio decision you did not make
The index traded at 764.38, -0.32% today. Buying the market used to mean diversification. It is worth checking whether it still does.
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SPYRSP
Stock
QQQ
QQQ
Delayed
Notes mentioning QQQ
7Flow is not a signal, it is a question
It traded at 745.04, +0.32% on the session. Large options prints get reported as conviction. Most of them are somebody hedging.
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QQQSPY
When dealers are long gamma, the index grinds instead of lurching
When dealers hold options that make them buy dips and sell rallies, their hedging calms the index. That calm tends to favour a slow grind higher.
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QQQSPY
Small caps need two things at once, and usually get one
The two conditions I track for small caps, and how rarely they line up.
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IWMSPY
A rally led by the weakest balance sheets is a squeeze, not a cycle
Small caps can rally hard when the most indebted and most shorted names lead. That is a different animal from a rally built on improving earnings.
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IWMSPY
Rotation inside an index is not money leaving it
When leadership rotates from one group of large names to another, the index can look shaky without anyone selling the market.
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QQQSPY
Narrowing leadership ends before the index notices
An index can keep rising while fewer and fewer of its members do the work. That narrowing usually ends the advance before the headline level shows any strain.
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QQQSPY