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Every Fed Chair Faces An Equity Market Draw Down In Their First Year:
Jun 24, 2026 Yesterday's Semi Sell-Off Didn't Fase Single Stocks With Leverage Our basket of companies with associated single-stock leveraged ETFs suggests yesterday's decline was not driven by a broad-based deleveraging event. The growth of leveraged ETF derivatives and options activity has amplified upside moves, while only intermittently impacting markets on the downside. The self-reinforcing nature of this leverage where rising prices require additional purchases of the underlying ...
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Dollar Bulls Still Hard To Find, Mag 7 Breakdown, & Banks & Biotech In Gear:
Jun 23, 2026 ... & Macro Research Proprietary Information - Please Do Not Redistribute 10 6/23/2026 MAG 7 ETF: MAGS 50 & 200-Day MA MAGS Relative to S&P 500 Positive / Negative Trend Signals Overbought / Oversold ✓ MAG 7 remains very weak relative. ... SPEAKING OF HEALTHCARE, THE XBI CONTINUES TO ACT GREAT Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 17 6/23/2026 Biotech ETF: XBI 50 & 200-Day MA XBI Relative to S&P 500 Positive / Negative Trend ...
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Leverage & E.M. ETFs Tied Together:
Jun 23, 2026 -$20,000 $0 $20,000 $40,000 $60,000 $80,000 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Emerging Market Equity ETFs Flows Rolling 12-Month Sum, $MM Strategas ETF Research See Appendix for Important Disclosures ETF Research Tuesday, June 23, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com There are 3 cross-currents seemingly tied together in the ETF universe right now: 1) Levered long ETF exposure has ...
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FOMC and June Opex Behind, Looking at Micron:
Jun 22, 2026 and the prevalence of volatility exacerbating leveraged ETFs. * As progress continues toward resolving the conflict ... Sector performance was mixed, with Energy the weakest at -6.57%. The Mag7 ETF (MAGS), was also choppy and finished slightly positive at +0.82%. WTI slid sharply (USO -8.42%), and the VIX dropped to 16.40 from 17.68 the prior week. ETF ... impact of leveraged ETFs, which mechanically buy strength and sell weakness during end-of-day rebalancing. ...
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Fed Policy & Iran Are Inextricably Linked:
Jun 22, 2026 ... since it began expanding its balance sheet in December at the same time trying to clamp down on inflation Source: Treasury -4 -2 0 2 4 6 8 10 12 60 70 80 90 100 110 120 Mar-24 Jul-24 Nov-24 Mar-25 Jul-25 Nov-25 Mar-26 Homebuilders ETF rel S&P 500 & # of Rate Cuts Priced in Through June '27 XHB rel S&P 500 Rate Cuts Priced In (Right Axis) Source: FactSet In late 2025, bank reserves were 2x the level in September 2019, but repo markets were again under intense pressure. ...
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Small-Caps Still Carrying The Leadership Baton Into The Rebalance:
Jun 22, 2026 FRESH HIGH FOR IWM / SPX AHEAD OF RUSSELL REBALANCE Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 2 6/22/2026 Russell 2000 ETF: IWM 50 & 200-Day MA IWM Relative to S&P 500 Positive / Negative ... BIOTECH BROKE OUT LAST WEEK (BIG PART OF THE SMALL-CAPS) Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 4 6/22/2026 Biotech ETF: XBI 50 & 200-Day MA XBI Relative to S&P 500 Positive / Negative ...
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Don't Count Your Hawks Before They Hatch:
Jun 18, 2026 We like using shorter duration call spreads to play sectors that have been spot up vol up such as semiconductors. We like downside structures in USO (we know it's becoming harder) to play a break in crude, but prefer options to shorting the outright physical or ETFs. We like hedging portfolios at the S&P and Nasdaq levels. 06/18/26 Strategas Securities - Equity Derivatives Strategy PROPRIETARY INFORMATION - PLEASE DO NOT REDISTRIBUTE 3 APPENDIX - IMPORTANT DISCLOSURES - ...
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1st Warsh Meeting... 52-Week Low For The Curve, 52-Week High For The $:
Jun 18, 2026 ... BIOTECH BROKE OUT YESTERDAY Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 13 6/18/2026 Biotech ETF: XBI 50 & 200-Day MA XBI Relative to S&P 500 Positive / Negative Trend Signals ✓ Nothing from rates deterring Biotech. MEANWHILE, MAG 7 REMAINS AMONG WEAKER AREAS OF MARKET Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 14 6/18/2026 MAG 7 ETF: MAGS 50 & 200-Day MA MAGS Relative to S&P 500 ...
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It's Not About Rates, It's About The Balance Sheet:
Jun 17, 2026 ... WITH HIGHER RATES IS CRUSHING THE HOUSING SECTOR... ...BUT HOUSING REMAINS A TAILWIND FOR OFFSETTING GOODS INFLATION INCREASES -4 -2 0 2 4 6 8 10 12 60 70 80 90 100 110 120 Mar-24 Jul-24 Nov-24 Mar-25 Jul-25 Nov-25 Mar-26 Homebuilders ETF rel S&P 500 & # of Rate Cuts Priced in Through June '27 XHB rel S&P 500 Rate Cuts Priced In (Right Axis) -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% -15% -10% -5% 0% 5% 10% 15% 20% 25% '86 '90 '94 '98 '02 '06 '10 '14 '18 '22 '26 Case-Shiller Home ...
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Networks & Nodes For the Long-Term; Strait of Hormuz Throughput in the
Short-Term:
Jun 17, 2026 ... A good measure of the market's collective view on valuation is the proliferation of/demand loop for 2x and 3x levered single-stock ETFs. 6/... Trust (IAU) Commodities 25% 3% - - Aberdeen Standard All Commodity ETF (BCI) Agriculture 20% 2% Invesco DB Agriculture (DBA) 100% 11% 100% ... Exposures Dev AC Core 24% 14% 26% 16% iShares MSCI EAFE Core ETF (IEFA) US LC Growth 24% 14% 27% 16% iShares S&P 500 Growth ETF (IVW) US LC Value 22% 13% 19% 11% iShares S&P 500 Value ETF (IVE) EM ...
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