Sagnificent 7 hits the skids

Tuesday 24 February 2026

Nasdaq is enjoying a bearish 50/100 bearish cross. It wasn’t pretty the last time this happened.

Amazingly, the NTM PE on Info TEch is now the same as Staples.

When dealer gamma is negative like this, indicating the market is short, the market makers buy as prices rise and sell if they fall, raising volatility.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.