This Hasn’t Happened Since 2002

By Heisenberg

Well, the Nasdaq closed red in Monday’s holiday-shortened session, trailing the S&P which was green and also the Dow, which hit at a record, much to the delight of Donald Trump…


The divergent fortunes of the Nasdaq and the S&P/Dow marks a reversal of the YTD trend, which has seen tech stocks outperform notably.

The weakness we saw in the Nasdaq 100 during June has some observers worried given that a handful of techy names have been responsible for a disproportionate share of benchmark gains.

In a Friday post documenting tech’s recent trials and tribulations, we showed you two charts that illustrated the growing disconnect between Nasdaq implied vol. and S&P implied vol.

That discrepancy grew more pronounced on Monday and because we firmly believe this is going to be a hot-button issue going forward, we thought it was worth showing you the updated visual. Have a look:


So yeah, that’s the widest disparity going back to 2002.

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