Tuesday, December 02, 2014

NASDAQ struggles to find a new balance

Most of Monday's sharp decline for NASDAQ occurred within the first 22 minutes of trading, with the market meandering on the plus and minus side of that level until the last half hour of trading. There was nothing really definitive there, other than a one-shot adjustment after the fake rally of the holiday week. Monday's decline erased all of the holiday week gains. So, now we are back to square one, waiting for any near-term trend to emerge now that all market participants are all back at their desks.
 
People will be digesting the online retail sales results of Cyber Monday, and trying to square good news on that front with the lackluster traditional retail sales results from last week, and trying to figure out what that implies for the rest of the holiday retail sales season.
 
NASDAQ futures are up moderately, indicating a decent recovery bounce after Monday's rout, but that could simply be a dead-cat bounce that could quickly run out of steam – or not. It will still take another couple of days for the market to rediscover its short-term trend.
 
I registered "indication of interest" for three IPO's with Fidelity, Lending Club (LC), HortonWorks (HDP), and Momo (MOMO).
 
I may make some additional dip purchases today.
 
-- Jack Krupansky

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