The market gapped down on the open on renewed inflation fears and failed to bounce at any of the key reversal times. By late afternoon selling accelerated and the markets lead by small caps and technology had all given back more than half of last week's three day bounce. All tech sectors ended the day in the red. Only 10 stocks in the NDX 100 ended the session on the plus side and 25 names shed upwards of 3% today, lead by MRVL 5.6%, NIHD 5.1% and SNDK 4.7%.The best we can hope for in the short-term is a higher low, however, it appears increasingly clear that the Nasdaq will not likely get much traction until it tests its trendline around 2100.
2 comments:
Looked like we were going to get a nice bump from last weeks action and then today its back to doom and gloom. Got most of my money sitting on the sideline until we get some direction or I see a quick trade to be made.
It looked that way to me too, but when I saw the futures and overseas markets this morning, I decided to sell my Qs on the open and now I'm all cash. I don't want to get caught short as we approach Nasdaq 2100 because I think we could get a hearty bounce from thatlevel.
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