US equity markets are accelerating lower with Small Caps giving up all their earlier gains and Nasdaq leading the collapse (down almost 3%)...

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FANG stocks are back at 3-week lows...

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Nearly all of Nasdaq's relative outperformance over Small Caps in July has been erased...

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The catalysts is unclear but we suspect a combination of anti-trust headlines on big-tech, virus fears, and government handout uncertainty are finally all weighing on the Robinhooders (at record high valuations)...

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