2x Long VIX Futures ETF (UVIX) Share Price

The Mag-7 stocks – Amazon, Alphabet, Microsoft, Apple, Nvidia, Tesla, and Meta – combined by market cap dropped 2.9% for the day and 6.1% for the week and are now down 14.9% from the peak on July 10.

Just these seven stocks combined have lost $2.54 trillion in market capitalization in the two months since the peak. We’re paying attention to the Mag 7 because they’re so huge – their combined market cap is still $14.5 trillion (down from $17 trillion on July 10) – and because they have such a big impact on the overall stock market wealth due to their magnitude, and because they had such a huge run.




Each gridline in the chart below marks $1 trillion. From the beginning of 2019 through the peak on July 10, the Mag 7’s market cap spiked by 386%, or by $14.5 trillion. The years 2020 and 2021, when the Fed printed nearly $5 trillion and threw it at the markets, was a fantastical time for stocks. But since then, the Fed has been doing QT, shedding $1.85 trillion. And that was rough in 2022 for stocks. Then AI mania came to the rescue in 2023 and through July 10, 2024. But that is now blowing over too.

And there it is again, this make-or-break quality, with the August 7 low point just a breath away. Rate cuts are such a doozie. And they haven’t even started yet.



For six of the Mag 7, the peak was on July 10. For Tesla, it was in November 2021.

Mag 7 $ Share Price % Drop for the Week % Drop fr. Peak
Amazon [AMZN] 171.43 -4.0% -14.2%
Alphabet [GOOG] 152.16 -7.8% -21.0%
Microsoft [MSFT] 401.68 -3.7% -13.8%
Apple [AAPL] 220.89 -3.5% -5.2%
Nvidia [NVDA] 102.70 -14.0% -23.9%
Tesla [TSLA] 210.89 -1.5% -48.6%
Meta {META] 500.50 -4.1% -6.4%
Three of the Mag 7 – Alphabet, Nvidia, and Tesla – have dropped by over 20% from their peaks; Tesla by 48.6% from its November 2021 peak and by 19.9% from July 10. So we’re going to look at those three standouts more closely, plus Amazon, which is back where it had first been four years ago.

Nvidia’s market cap has now dropped to a still gigantic $2.52 trillion, giving up $406 billion during the week and $800 billion since the July 10 peak.

This stock and the company’s revenues and earnings were powered by the fantastical AI mania that befell the world and which appears to be running low on juice.



Amazon has dropped 14.2% from the July 10 peak, which put it back where it had first been just about exactly four years ago, in September 2020. Note the plunge and then the 100%-plus surge in between. A lot of fun was had by all.



Alphabet, down 21% from the July peak, is now just a hair above where it had first been in November 2021:



Tesla is down 48.6% from its peak in November 2021, and is back where it had first been nearly four years ago, in December 2020. Obviously, those buy-and-hold investors who bought in 2019 or before – on the eve of Tesla becoming a big profitable global automaker – are still up a whole bunch, but they gave up about half of their erstwhile gains over the past three years:

Job creation has now dropped to the lower end of the range in 2018 and 2019, making it more difficult for the massive waves of immigrants – 6 million in 2022 and 2023, plus those arriving this year, according to the Congressional Budget Office – to find work, which has been putting upward pressure on the unemployment rate.

I think the next spike will dwarf the last one.

I look at that chart and the Jaws music starts playing in my head.

Xi and Putin finishing the week with a ‘BANG’ 💥. Japan believes China’s threat to Taiwan (and subsequently the second island chain) represents the greatest risk that Japan has ever faced. Ever. #Japan #Russia #China Xi’s and Putin’s ‘Limitless Partnership’ in action.

Markets crater Monday open then
Rally into FOMC.

End of Sept will be crazy from a global perspective.

Me too, I got a feeling.

Wow, did the Fed really say that?
They also said, "SKY IS NOT FALLING"Comments like that from the Fed are rather ominous.

They always say to relax when the markets are crashing, or about to crash...

$UVIX

added $6.30 holding through the weekend this time.

Holding 25% for $6.92 end of day. Watching for NVDA touch again of $100 and SVIX becomes interesting again at $22- )23 support level

Can you believe this fake crap?
I don't!

"Fed leadership sees a 25-basis-point cut as the base case for the September meeting but is open to 50 basis-point cuts at subsequent meetings if the labor market continues to deteriorate" Goldman Sachs economists said in their summary of what will be the last public remarks on monetary policy by Fed officials before their Sept 17-18 meeting.

Two weeks ago, Fed Chair Jerome Powell touched off intense speculation about the size of a September rate cut when he said "the time has come" to ease policy.

Waller echoed Powell's choice of phrase on Friday, and added that "it is likely that a series of reductions will be appropriate."
They also said, "SKY IS NOT FALLING"
Yes it is!

$6.92 by end of day likely .. 6.45- 6.92 zone hits. Goes crazy again if solidly breaks 6.92

Rate cut or not production worldwide has been slowing down so they will eventually print more money and inflation to boost stocks

Nice adds!
I almost did the same but chickened out.
This has been a great week for many of us.

It’ll happen but will be short lived.
We will likely get a blip then pure carnage.
Buffet dropped 8 Billion from BOA, made me smile.
I really hate BOA more than most banks.
SKRE is my answer for the bad bankers.

Watch for UVIX to fall into our hands when they fake pump the market with all they have left.
The time has come!
Sold my PSQ also for now. I will get it back soon also.
I love volatility and fear in the markets. They are full of corruption and I choose not to participate in the “long”, “investor” or “dollar cost averaging” schemes.
Scalp!
Blessings to those that have ears that hear and eyes that see.
Gl

As famously said by Booger “We have Bush!” - Revenge of the Nerds

I didn’t think about how they got everyone’s hopes up,if rate cut doesn’t happen it’s going to be a blood bath !!!

Sold my remaining $6.52

Thanks ..could it happen again right now 200% probably not rate cuts also at play

Nice play bro!! Ran 200% in aug. this could be good!!

Unloaded 25% more at $6.55 end of day perhaps $7 but nothing is guaranteed took some nice 20% profits now

Breaking 6.26 resistance let’s see if holds for next leg up 6.45

Loaded $5:14- $5.21 zone let go of half 6.22 might add more resistance 6.26 looks like second round should break then 6.45- 6.92 zone hits. Goes crazy again if solidly breaks 6.92 as in August 5th

Hand sit until market close

@SuburbanDrone
Semis are camped at the closing level from the August jobs report a month ago.

On that Friday the VIX peaked at 30 at 11am and then closed at 23 due to an afternoon rally. Then on Monday it opened at 65.

Just FYI.

BOTH Vol Explosions came on the Monday AFTER the jobs report. Maybe it happens again this Monday?

Plenty of other catalysts to support a spike up...Don't know for sure, but the conditions in the short-term favor an accident.

picked up some UVIX at the open...

Wait for low $5s if not SVIX might renentry

You may be right!

gapped up 10% in premarket...Futures getting hammered...maybe we're close?

https://www.zerohedge.com/markets/everything-bubble-about-pop

No freakin way is going to burn out, give it time.

Sounds about right

- CVT

A week closer to their so called rate cuts.
There will be some bs seemingly good reports, then the exhausting of fake means’ to keep blind investors money placed while physical assets are held by those in the
Know.
Truth returns soon.

Blessings of Christ!

Nice little dip. I think it will get much lower before I add.
Smoke and mirrors but eventually the burning card houses will FALL.
Careful out there!

Ha ha he’s a perma bear. Play what’s in front of you.

ignored... bye

Yes, I love charts! This is a relatively new iPhone and I think it has a bunch more security build in, my guess.

It should show the image of a chart. It's visible on both my desktop and iphone.

When I post images I copy the image link, so maybe it doesn't show up on all devices?

You shouldn't have to download anything. Not sure what it could be.

Thanks for making me aware though.

Hey there BH, not sure if you’re aware but most of time you put a link I go to open it and it wants me to download KVXFGD$@&GFD Gibberish.

I expected a dip today. Will be careful until the next big leg down as we see fake fed crap and other infusion tactics by the “great taking”

"@great_martis
$VIX

Nailed the spike few weeks back on the volatility index.

next big prediction is that it goes parabola, dwarfing the 2008 spike"

Japan Nikkei getting hammered tonight... May see a gapper in the morning...

$SPX not quite on a daily sell, watch here. Btw, $NYMO is the best barometer there is, gives clues a few days early. MACD cross bearish last week, see what happen?

Selling not as intense as Aug 5th but have to get a read am tomorrow. Start considering accumulating SVIX hit $24 but could also hit $19 again. So keep an eye here for the future reversal

Look at daily

Zone 3 Breaks $5.38 then $6.26- $6.45 next perhaps afterhours or tomorrow morning premarket

Sold rest at zone 2 but zone 3 looks promising if you still holding

Aren’t you glad you didn’t sell? Cheers