Monday, April 28, 2014

The battle resumes for NASDAQ

Although last week ended on a rather sour note for NASDAQ, I would simply note that last week was the catch up for all of those market participants who went on holiday for the preceding week which was shortened by the three-day weekend. Now that that adjustment is behind us, we are back to where we were two weeks ago, trying to sort out the bulls vs. the bears. There haven't been any big disasters on the earnings front, or in Ukraine, and the economy continues to limp along reasonably solidly, so there is not a whole lot of reason for any big sell-off at this point. There is some of the "sell in May and go away" sentiment brewing, but it is always a coin flip on that front.
Stock futures are up modestly, which suggests a recovery bounce from Friday's sell-off, but futures aren't always reliable. The big question is whether there will be much "sell into any rally" sentiment on any bounce. We'll see soon enough.
Meanwhile, I'll continue to use any big sell-offs for individual stocks as a buying opportunity.
-- Jack Krupansky


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