Thursday, May 22, 2014

NASDAQ continues to bounce around in its trading range

NASDAQ had another moderately nice pop on Wednesday, recovering all of Tuesday's decline and then some, establishing an upwards trend for the week. Today traders and short-term speculators will attempt to see if that upwards trend has some durability.
 
NASDAQ futures are up a little, but that could be another head-fake. What we don't know is the trading bias of the short-term speculators who are sitting on the sidelines, waiting to jump in or out of the market as today progresses.
 
Once again, this is a slower trading week in advance of a long holiday weekend, so any apparent trend this week is certainly not necessarily going to stick once the hard-core speculators get back, fresh, from the holiday weekend.
 
-- Jack Krupansky

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