NASDAQ continues to struggle to find a trend
The intraday decline of NASDAQ on Wednesday mirrored the intraday rise of Tuesday, which essentially means that market participants are completely confused as to the true short-term trend. Stay tuned. We're probably just going though a little "consolidation", or maybe a "mini" correction (3-5%.)
NASDAQ futures are up modestly, indicating a modest "recovery bounce" at the open, but whether hedge funds follow through with any significant buying or sell into the rally remains to be seen. Any bounce might kick off a short-squeeze rally, but any bounce could just as well be a classic "dead-cat bounce" which could be followed by renewed selling tomorrow.
Still waiting for word on my IPO allocations, but either way I will be long Lending Club (LC) and Momo (MOMO) by the end of the day. Probably just small positions since IPOs frequently have dips before they stabilize. Tomorrow I'll pick up some HortonWorks (HDP), New Relic (NEWR), and Workiva (WK) on their IPOs.
I may pick up some more Oil (OIL) on its recent dip.
-- Jack Krupansky