NASDAQ in a mini-correction
After a semi-decent bounce yesterday for NASDAQ at the open, bears came out of the woodwork and sold into the rally. No surprise there. NASDAQ is now a solid half-percent below the March peak, indicating that another mini-correction may be underway. Maybe, or maybe not. With slow summer trading all bets are off, still... it didn't look good. The flip side is that the selling on Thursday may simply have been short-term speculators getting out early to get a head start of the summer weekend. Why not?!
NASDAQ is still close enough to that March peak that it could recover and continue back upwards within the previous trading range. Also, since short-term speculators frequently close out positions ahead of the weekend, any previous short positions could result in buying that would boost the market today. But with all the volatility, it is rather difficult to access the net bias of market participants.
NASDAQ futures are up modestly, indicating that traders feel that the sell-off yesterday was a bit overdone and a bit of a recovery bounce is warranted. But, once again, it remains to be seen whether people will pile on to any bounce or just sell into any rally as they did on Thursday.
Curious that my portfolio had a net gain yesterday. That suggests that we are seeing more of a "rotation" between stocks rather than any outright "liquidation" from stocks in general.
-- Jack Krupansky