NASDAQ stuck in trading range, seeking direction
NASDAQ no longer has a clear short-term trend – it' stuck in a trading range and seeking a direction. Absent any clear guidance on direction, volatility will continue, and NASDAQ will continue to bounce up and down in the trading range, not setting a new short-term low below the March 5th peak, nor a new short-term peak above the July 3rd peak. The preliminary meat of the Q2 reporting season is behind us, so major surprises or enthusiasm will be more muted for the coming weeks. And August is typically a slow, summer, vacation period anyway.
That said, it is still quite possible for NASDAQ to rally 1% to set a new short-term peak, but whether even that would be a true breakout would be dubious absent some significant pickup in trading volume. And any peak set during the summer would surely be "challenged" when more serious trading resumes after Labor Day.
NASDAQ futures are relatively flat, indicated confusion about whether NASDAQ will head up or down for the next couple of days.
I'll be looking to raise more cash reserves, as well as selectively looking for major dips of individual stocks to buy.
-- Jack Krupansky