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Afternoon Note

Some Panic Some Opportunity

By Charles Payne, CEO & Principal Analyst
8/10/2017 2:16 PM
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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.

http://markets.money.cnn.com/cgi-bin/upload.dll/file.png?z678f7c0azee2697a35a974cc0b982dcce5fda3e55

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.


Comments
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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