Nasdaq Sinks to Start 2024 Trading
Nasdaq Sinks to Start 2024 Trading
Also 10-year T-note, gold, crude oil and Japanese yen futures
- Nasdaq-100 E-mini futures (/NQ): -0.95%
- 10-year T-note futures (/ZN): -0.57%
- Gold futures (/GC): +0.24%
- Crude oil futures (/CL): -0.20%
- Japanese Yen Futures (/6J): -0.50%
U.S. stock indexes sank this morning at the opening bell in the first day of trading for 2024. Treasury yields rose across the curve, with the 10-year yield rising about nine basis points to near the 4% mark. Crude oil prices rose on geopolitical concerns, and the Japanese yen weakened after a major earthquake in Japan.
Symbol: Equities | Daily Change |
/ESH4 | -0.73% |
/NQH4 | -0.95% |
/RTYH4 | -0.59% |
/YMH4 | -0.56% |
The tech-heavy Nasdaq-100 (NQH4) is leading equity markets lower this morning. Apple (AAPL) and ASML Holding (ASML) sunk in pre-market trading after the Netherlands moved to ban exports for some of the company's parts to China.
Strategy: (45DTE, ATM) | Strikes | POP | Max Profit | Max Loss |
Iron Condor | Long 16,600 p Short 16,700 p Short 17,100 c Long 17,200 c | 20% | +1,545 | -470 |
Long Strangle | Long 16,600 p Long 17,200 c | 45% | x | -10,335 |
Short Put Vertical | Long 16,600 p Short 16,700 p | 60% | +715 | -1,285 |
Symbol: Bonds | Daily Change |
/ZTH4 | -0.16% |
/ZFH4 | -0.40% |
/ZNH4 | -0.55% |
/ZBH4 | -0.95% |
/UBH4 | -1.12% |
Treasuries are under pressure today as yields rise across the curve amid bond selling that started overnight in Europe. Investors are taking stock in Federal Reserve bets to start the year with a questioning attitude over the bank’s path prevailing across markets. A wealth of labor market data due later this week should do much to inform markets about the path of interest rate cuts.
Strategy (52DTE, ATM) | Strikes | POP | Max Profit | Max Loss |
Iron Condor | Long 111 p Short 111.5 p Short 113.5 c Long 114 c | 30% | +343.75 | -156.25 |
Long Strangle | Long 111 p Long 114 c | 42% | x | -1,375 |
Short Put Vertical | Long 111 p Short 111.5 p | 70% | +187.50 | -312.50 |
Symbol: Metals | Daily Change |
/GCG4 | +0.24% |
/SIH4 | +0.45% |
/HGH4 | -0.45% |
Gold prices (/GCG4) are slightly higher despite higher Treasury yields and a stronger dollar. The pullback in equity markets is likely driving some capital into precious metals in a defensive move to start the year. Tomorrow’s purchasing managers’ index (PMI) for U.S. manufacturing may change the tune on gold buying if the data impresses to the upside and causes markets to cut Federal Reserve rate cut bets. Then, later this week, the U.S. jobs report is due, which should influence gold prices along with the broader markets.
Strategy (55DTE, ATM) | Strikes | POP | Max Profit | Max Loss |
Iron Condor | Long 2,055 p Short 2,060 p Short 2,090 c Long 2,095 c | 12% | +420 | -80 |
Long Strangle | Long 2,055 p Long 2,095 c | 49% | x | -6,930 |
Short Put Vertical | Long 2,060 p Short 2,065 p | 66% | +200 | -300 |
Symbol: Energy | Daily Change |
/CLG4 | -0.20% |
/HOG4 | +1.15% |
/NGG4 | +3.10% |
/RBG4 | +1.14% |
Oil prices (/CLG4) gave up gains this morning as tensions in the Red Sea escalated after Iran sent a warship into the region following last week’s incident that saw the U.S. navy sink several Houthi boats. The Alvand-class ship is outdated compared to U.S. destroyers. One was sunk, among other ships, by the U.S. Navy back in 1988. Still, the deployment represents an escalation by Iran and may persuade shippers not to use the Suez Canal.
Strategy (48DTE, ATM) | Strikes | POP | Max Profit | Max Loss |
Iron Condor | Long 70 p Short 70.5 p Short 75 c Long 75.5 c | 23% | +390 | -120 |
Long Strangle | Long 70 p Long 75.5 c | 42% | x | -4,550 |
Short Put Vertical | Long 70 p Short 70.5 p | 57% | +200 | -290 |
Symbol: FX | Daily Change |
/6AH4 | -0.51% |
/6BH4 | -0.83% |
/6CH4 | -0.60% |
/6EH4 | -0.74% |
/6JH4 | -0.56% |
The yen (/6JH4) is down against a broadly stronger U.S. dollar after an earthquake rocked Japan over the weekend, with the death toll nearing 50. In the hectic aftermath, a Coast Guard plane crashed today, killing all five crew members. The yen will likely take its cues from the dollar this week, which is set for an event-filled week.
Strategy (43DTE, ATM) | Strikes | POP | Max Profit | Max Loss |
Iron Condor | Long 0.00705 p Short 0.0071 p Short 0.0073 c Long 0.00735 c | 34% | +400 | -225 |
Long Strangle | Long 0.00705 p Long 0.00735 c | 50% | x | -675 |
Short Put Vertical | Long 0.00705 p Short 0.0071 p | 60% | +275 | -350 |
Thomas Westwater, a tastylive financial writer and analyst, has eight years of markets and trading experience. @fxwestwater
For live daily programming, market news and commentary, visit tastylive or the YouTube channels tastylive (for options traders), and tastyliveTrending for stocks, futures, forex & macro.
Trade with a better broker, open a tastytrade account today. tastylive, Inc. and tastytrade, Inc. are separate but affiliated companies.
Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options before deciding to invest in options.
tastylive content is created, produced, and provided solely by tastylive, Inc. (“tastylive”) and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, digital asset, other product, transaction, or investment strategy is suitable for any person. Trading securities, futures products, and digital assets involve risk and may result in a loss greater than the original amount invested. tastylive, through its content, financial programming or otherwise, does not provide investment or financial advice or make investment recommendations. Investment information provided may not be appropriate for all investors and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. tastylive is not in the business of transacting securities trades, nor does it direct client commodity accounts or give commodity trading advice tailored to any particular client’s situation or investment objectives. Supporting documentation for any claims (including claims made on behalf of options programs), comparisons, statistics, or other technical data, if applicable, will be supplied upon request. tastylive is not a licensed financial adviser, registered investment adviser, or a registered broker-dealer. Options, futures, and futures options are not suitable for all investors. Prior to trading securities, options, futures, or futures options, please read the applicable risk disclosures, including, but not limited to, the Characteristics and Risks of Standardized Options Disclosure and the Futures and Exchange-Traded Options Risk Disclosure found on tastytrade.com/disclosures.
tastytrade, Inc. ("tastytrade”) is a registered broker-dealer and member of FINRA, NFA, and SIPC. tastytrade was previously known as tastyworks, Inc. (“tastyworks”). tastytrade offers self-directed brokerage accounts to its customers. tastytrade does not give financial or trading advice, nor does it make investment recommendations. You alone are responsible for making your investment and trading decisions and for evaluating the merits and risks associated with the use of tastytrade’s systems, services or products. tastytrade is a wholly-owned subsidiary of tastylive, Inc.
tastytrade has entered into a Marketing Agreement with tastylive (“Marketing Agent”) whereby tastytrade pays compensation to Marketing Agent to recommend tastytrade’s brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Marketing Agent by tastytrade. tastytrade and Marketing Agent are separate entities with their own products and services. tastylive is the parent company of tastytrade.
tastycrypto is provided solely by tasty Software Solutions, LLC. tasty Software Solutions, LLC is a separate but affiliate company of tastylive, Inc. Neither tastylive nor any of its affiliates are responsible for the products or services provided by tasty Software Solutions, LLC. Cryptocurrency trading is not suitable for all investors due to the number of risks involved. The value of any cryptocurrency, including digital assets pegged to fiat currency, commodities, or any other asset, may go to zero.
© copyright 2013 - 2025 tastylive, Inc. All Rights Reserved. Applicable portions of the Terms of Use on tastylive.com apply. Reproduction, adaptation, distribution, public display, exhibition for profit, or storage in any electronic storage media in whole or in part is prohibited under penalty of law, provided that you may download tastylive’s podcasts as necessary to view for personal use. tastylive was previously known as tastytrade, Inc. tastylive is a trademark/servicemark owned by tastylive, Inc.