NASDAQ poised to take a shot at establishing its short-term trend
NASDAQ has certainly been volatile this week, really struggling to "find its groove", whether that be up, down, or sideways. A Friday is not a great day to set a trend, but given the nature of last week with the holiday and the selloff on Monday, it may be the best shot this week for NASDAQ to set its new short-term trend for the month.
A decent jobs number this morning should help to underpin the market.
NASDAQ futures have been volatile, with traders not quite sure whether a good jobs number is a positive or negative (keeps Fed on track to raise rates sooner), so we could see a rather lackluster open. And, of course, the market will then take on a mind of its own and go where traders have no clue.
Today is a Friday, when a good fraction of short-term market participants may tend to close out positions ahead of the weekend when anything can happen, and since NASDAQ has been shaky lately I suspect a lot of people have been trying to play the "short" side of the market, so for them to close positions means they will have to buy, which would be a positive for the market.
I'm still working on my plan for the three IPOs I'm interested in next week. That, and always watchful for the irrational dips that Wall Street continues to offer me.
-- Jack Krupansky