Tuesday, September 30, 2014

NASDAQ remains in its trading range

NASDAQ strongly bounced off the lower edge of its trading range on Monday. That doesn't mean the coast is clear, but is nominally a good sign and indicates that recent selling pressure was likely merely range trading rather than a true trend downwards.
 
NASDAQ futures are up strongly, indicating a strong pop at the open, which will probably kick off another short squeeze and send NASDAQ towards the upper end of its trading range, at least temporarily. Whether the gains stick is an entirely separate matter.
 
Kicking myself for not buying EBAY months ago when I concluded that they would eventually spin off PayPal. Maybe I'll buy a little EBAY now anyway. I do feel that PayPal is an enduring brand (like Priceline (PCLN)) and destined for continued greatness.
 
-- Jack Krupansky

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