SPC Gamma EOD
The S&P 500 lost 0.8 percent on Tuesday, as markets got concerned about red hot inflation data, which will certainly put even more pressure on the Fed to accelerate the taper.
Value (-0.1%) outperformed growth (-1.2%), or another way to express a similar dynamic: Mega caps lost relatively to a equal weighted S&P 500 basket (Vanguard Mega Cap Growth MGK -1.3% vs Invesco S&P 500 Equal Weight ETF RSP -0.6%).
Despite a late rebound the S&P 500 remains below the gamma inversion level at 4650, which needs to be conquered tomorrow in order to stabilize markets.
Tomorrow the highlight of the day will obviously be the conclusion of the FOMC meeting, which will point the way. Cheers.
Value (-0.1%) outperformed growth (-1.2%), or another way to express a similar dynamic: Mega caps lost relatively to a equal weighted S&P 500 basket (Vanguard Mega Cap Growth MGK -1.3% vs Invesco S&P 500 Equal Weight ETF RSP -0.6%).
Despite a late rebound the S&P 500 remains below the gamma inversion level at 4650, which needs to be conquered tomorrow in order to stabilize markets.
Tomorrow the highlight of the day will obviously be the conclusion of the FOMC meeting, which will point the way. Cheers.
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