Wednesday, November 12, 2014

NASDAQ continues to grind higher, but still has a need to consolidate a bit

NASDAQ has been remarkably resilient in recent days, "grinding higher", and resistant to any efforts to force a least a little consolidation. Let's see if today is any different. Futures are down moderately, indicating a dip at the open, but whether that dip snowballs into any significant consolidation or an outright selloff, or simply triggers yet another round of dip buying is a coin flip.
Yesterday I sold off some dip purchases of Bank of America (BAC), Amazon (AMZN), FireEye (FEYE), NetFlix (NFLX), and TD Bank (TD), but made another dip purchase of Twitter (TWTR).
Personally, I prefer the "grinding higher" mode of the stock market since the gains tend to be more durable, as opposed to big leaps that are mostly short covering that quickly evaporates and tends to reverse fairly quickly.
-- Jack Krupansky


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