this is a really interesting story the ripple effects and when it comes to kind of etf investing but also the exposure thats been a no brainer to the magnificent seven walk us through who takes their place sure as you said the nasdaq 100 is due for a special rebalancing you know to reduce the dominance of the big seven that have basically been responsible for the stunning rally that weve seen in the us stocks this year so the focus is now going to sort of shift to the smaller companies and the effect takes place on monday which means that today there could be a lot of stock market volatility given that it is the last window for passive investors to tweak their portfolios to bring it in line with the the benchmark index also remember today theres about 24 trillion worth of options that are tied to stocks and indexes that are due to expire so we could see a lot of erratic price action today i mean that is chaotic it is so chaotic and id have to imagine that that liquidity also just gives people a chance to adjust positioning do you think were going to see a big pullback in tech i mean we saw it yesterday is this the time to take profit i think thats a very very interesting juncture because we just had data from bank of america so i think epf our global today that was through wednesday so excluding yesterdays sort of pull back in the nasdaq but that showed that actually tech funds are still attracting a lot of inflows and thats in contrast to broader us equities which had outflows overall so its quite interesting as to what we could see today also because again yes next week is a big week for earnings its the busiest week for the season were going to hear from about 225 trillion worth of companies throughout the stakes are extremely high for big tech because not only are they i mean not only have they rallied so far this year but they actually also expect to show the strongest profit growth and what we saw yesterday with netflix and tesla when that didnt deliver overall just to give you some statistics the pullback in the nasdaq it lost 400 billion in market cap just yesterday so next week and given all of the central bank action thats lined up it could be a pivotal one