Will The Nasdaq 2320 Level Hold? (QQQQ)
|Nasdaq 5 min|
What do you think after this holiday weekend filled with the interesting mid east/north African events? Weird coincidence with the last market holiday right?…. MLK day the Egypt tensions started and Libya started Presidents day weekend….
I would have love to of traded Monday with a cash market open and crude oil surging 6% but the market gods did not shine down on me.. Though they did today as we came to find out..
The Spoos ended the day down over 28 handles the most it has traded down in months in a single day… The real story was over in the nasdaq, off 2.75% nearly 75 grueling handles down weighted down by APPLE, GOOG and AMZN weakness. Looks like the Libya tensions were an excuse to take profits in
an extended market… Will the selling continue tomorrow? Tomorrow is the only tell… Best thing to do when a market presents you with questions like this is trade what you see and not what you think.. Think about what you can lose and not how much you can make. UNLESS the trend continues down to 1300 level, if breached perhaps puts are in order… New cycle begun today as well…. for those who honestly forgot Friday was OPEX…
If Gaddafi destroy’s the Libya’s oil infrastructure on his way out to martyrdom look out below and say hello to 6$ gallon gas….
|Apple 5 min|
Have a good evening.