Wednesday, November 27, 2013

Maintain NASDAQ 4,000 this week?

The big question today is whether short-term players will ride the rally or take some profits. Normally, the short-term players close out their positions before the end of the week since anything can happen on the weekend. Since so many people will be leaving early today and even skip the half-day trading on Friday, the usual short-term players may bail out today, especially if they are worried that Thanksgiving retail sales may be a disappointment. OTOH, some of the slightly longer-term players may pile on and take speculative positions in anticipation that holiday retail sales might be better than expected, at least for some retail category niches.
 
The key thing to watch today is whether there is a rally pop at the open that people sell into. Unfortunately, the same thing could happen on Friday even if the market holds up today.

-- Jack Krupansky

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