The NASDAQ100 initially started to look like it was going to break down significantly last week, but Monday was a nice bounce.
Enter your emailAt this point, I think it’s probably only a matter of time before the sellers come back, but now it looks like we have a little bit of a relief rally going on.initially started to look like it was going to break down significantly last week, but Monday was a nice bounce.
At this point, I think it’s probably only a matter of time before the sellers come back, but now it looks like we have a little bit of a relief rally going on. The relief rally does make a certain amount of sense at this point, because we just dipped below a massive low, but I think that it’s only a matter of time before we see sellers come back since all the problems are still out there.After all, the US economy is almost certainly going to head into a recession, and that of course will have a major influence on corporate earnings. The NASDAQ 100 is only driven by a few handfuls of companies, so all the big names should be watched.
Because of this, think it’s probably only a matter of time before something spooks the market, and even if the market does rally from here, it will only offer a better shorting opportunity. In general, this is a market that I believe will continue to be volatile at best, so keep that in mind. I did not buy the NASDAQ 100 during the session but will let the thing bounce to take advantage of the overall malaise in the market. Signs of exhaustion on a daily close will be jumped on quickly.
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