Those halcyon days of tech rallying unabated are over and now comes the other side of the emotionally driven trading – the panic. It’s not wholesale panic, but it’s reflective naturally as pent-up angst. Selling begets selling. On that note, the NASDAQ is still up 16% for 2017 and more than 20% in the past year. But the index is at a pivotal short term support point (mentioned in the morning commentary).
On a closing basis, the index gets a moral victory closing above 6,230; below there, the next big level of support is 6,100.
Meanwhile, pure technicians have to be salivating at this chart. NASDAQ is at the bottom of a perfect channel so holding would be a buy signal for them.
I don’t want anyone to panic. On the contrary, while we keep our heads on a swivel, this is when we populate our buy wish list with would-be winners down only because the market is under pressure but indicative of the company or its fundamentals.
|Where are you havnt seen you on fox your better then that lady no offense on her|
Mike sondgeroth on 8/11/2017 1:13:25 PM
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