20% gain from taking puts on QQQ from trigger activated to short as posted before premarket. Once again, go with the flow, don’t fight the trend or the Fed as FOMC is just next week!
⚠️ Trading tips: Looking at puts below 375 towards 372.5, 371 and calls only above 379 on OPEX Friday. Join me to bank both ways with options 😉
Big picture gameplan for consideration
Early warning signs emerged from the tech world after Netflix Inc. (NASDAQ:NFLX)’s and Tesla, Inc. (NASDAQ:TSLA)’s second-quarter results disappointed investors.
The Nasdaq 100 Index, representing the 100 largest tech stocks and faithfully mirrored by the Invesco QQQ Trust (NYSE:QQQ), experienced a sharp daily decline of 2.5%.
The session marked the Nasdaq 100 Index’s worst performance in 2023. The decline of the index was mostly attributable to the sharp drops recorded by large tech stocks.
Big drop for QQQ
Apple Inc. (NASDAQ:AAPL), fell 1%, Microsoft Corp. (NASDAQ:MSFT), by 2.3%, Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL), by 2.6%, Amazon Inc. (NASDAQ:AMZN), by 4%, Meta Platforms Inc. (NASDAQ:META), by 4.3%, NVIDIA Corp. (NASDAQ:NVDA), by 3.3%, Netflix by 8.4% and Tesla by 9.7%.
While investors have become accustomed to periods of increased volatility in technology stocks over the years, the worst trading session for artificial intelligence (AI)-related stocks is startling.
AIQ reaction in a day
One of the most popular ETFs investing in AI-driven equities, the Global X Artificial Intelligence & Technology ETF (NASDAQ:AIQ), fell 2.7% in a single day, marking its second-worst performance since the start of the year.
Is the bullish AI trend losing steam, following the AIQ ETF’s impressive 40% surge since the beginning of the year?
It’s still too early to determine, but the upcoming sessions will undoubtedly play a crucial role in understanding how the market mood will evolve from here.
Be nimble. Change from calls to take puts 😉
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Comments
And then the whole AI thing gets renewed if AI companies crush earnings and everything else is meh but not terrible. I can promise you construction and related companies biz is on FIRE right now.
The historic run is running thin and appears to be coming to an end but I cant say anybody is surprised. It does indeed look like Investors are running for the fences, but be sure to get out before you run into the bottleneck when billions of dollars flows out the coming weeks. This will go down as the 'AI Exit'
So I know it's early, but I REALLY expected more downside in the futures. Currently Naz down .07% and sp & russ are up. Weird.
The tech led earnings will not hold up this pricing it’ll come back to march levels 320’s soon
Catch up trade in chip stocks on queue