It’s time to check in with our SPY, QQQ and XHB crash comparisons. first up SPY:
SPY is starting to crack again with a downtrend for most of September. The SPY is down about 10% from it’s all time peak post COVID. Next up the QQQs.
The QQQs are 11 percent from all time post-COVID peak but is showing a double top formation but we’re not chart analysts so we’re not going to go there. Finally XHB:
We hold put positions on XHB for January 2024 expiry and we are waiting to see what will happen. If the Fed hikes in November and mortgage rates continue to climb, it’s possible mortgage rates go above 8% and that may further crater the home building ecosystem. We may buy more puts on XHB and home builders but for now we’ll just keep watching the market so stay tuned, stay profitable and stay solvent…