NASDAQ still struggling to find its new trend

NASDAQ has had enough time now to digest the Black Friday retail sales, the price of oil, and adjust for meaningless trading that occurred during the holiday week when most of the big dogs and heavy hitters were off partying, but no clear post-holiday trend has been established. Today will be the first clear day for the market to "find its groove." Unfortunately, tomorrow is a Friday, when a good fraction of market participants lighten up on positions ahead of the weekend when anything can happen, so it may be Wednesday before we see any significant progress on establishing a trend for December.

 

NASDAQ futures are up modestly, indicating a modest pop at the open, as traders are hopeful for an emerging "Santa Claus rally." Then, we'll see if traders have guessed the new trend correctly as the day proceeds. Their record of accurately predicting the trend is rather spotty to say the least.

 

I'll continue to look for any big dips of my favored stacks. I bought more Tesla (TSLA) and Amazon (AMZN) on dips yesterday.

 

Mostly I'm just getting ready for IPOs coming up next week.

 

-- Jack Krupansky