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Short

Relative run of FAANG compared to /NQ

FOREXCOM:NSXUSD   US Tech 100 CFD
This chart says it all and there is very little narrative that needs to be given here. The tech sector has been strong this year compared to other sectors in SPX and industrials (Dow). The only other stable performer is the small caps but that's a discussion for later.

Among the FAANG stocks, FB/AAPL/GOOG are in line with the overall movement and gains in NQ. While AMZN and NFLX have had great earnings and several PT upgrades, their percentage upside movement absolutely doesn't make sense. AMZN has huge potential longer term but I feel they are burning the wick too quick. NFLX on the other hand is already in euphoria land, with another PT upgrade today AH to 350. While hitting that upside target is certainly possible before EOY, I feel the best r/r for a trade in the medium term is to the down side.

A potential trade idea here is to take a 340C calendar short term ( Apr ) and stabilize that with a slightly longer dated 300P calendar (May). At the current price around 320, this trade has potential to both downside and upside.

Continue to watch the relative performance of FAANG as uncertainty unfolds before FOMC and as we establish direction/bias next week.
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