As mentioned in a previous post the Nasdaq low of lows - as far as closing goes, has been 13,352 back on January 27. We have bounced off that general range a number of times since - dependent upon whatever your definition of ‘general range’ might be.
During today’s deep sell-off we got as low as 13,349 before rallying to close at 13,381, which, oddly enough, is not the key point in this post. The key point is just this:
Once the Nasdaq hit that low of lows - it rallied furiously taking stocks reasonably higher for a while before settling back down to the range it actually closed at… Have we hit a bottom? Who knows but one thing is for sure - even given the market sneering at Growth, inflation soaring, gas prices escalating and those pesky Russians biting off another chunk of Ukraine - the Bulls aren’t giving up so easily.
Perhaps we are just perched on a precipice waiting for the straw that breaks the Nasdaq back - sure feels like it…and yet there are savage battles being fought around the 13,500 level. However, it is important to point out the any sage consideration for where the markets go next, at least coming from me, reminds a great deal of Ronald Weasley reading the Tea Leaves with the end result perhaps on the Grim side:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&…
All the Best,
Correction: The low today on the Nasdaq was actually 13,249 or 100 points below the number in the original post - which, strangely enough, might tend to bolster the theory that the bottom might be, could be, shall be and will be forever more - the closing on January 27.
Or maybe its just a feint to lure in my last dollar.
I dunno.
All the Best,
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https://www.google.com/url?sa=t&rct=j&q=&esrc=s&……
That said…Wednesday’s the new Thursday, and Thursday’s the new Friday!
Regardless, of what the tea leaves say in MNDY’s cup, manana por la manana.
–Stay Free–
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Hi Ukrainiac:
I’ve had a great deal of wine today and so that really didn’t translate well for me. Couldn’t get the link to do anything but sit there blankly eyeballing me. My fault I am sure and perhaps tomorrow morning I will be a little better at the thinking thing. Although not too awful early.
Hope you and yours are well and safe.
All the best,
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Moderately Inconsequential Market Update.
the Nasdaq closed today at a low of 13,037 which crushed the 13,350 area we have hovered around and bounced off of a few times. Now it gets even trickier.
The question is: Does NAS 13,000 hold? After today - you have to ask yourself, just what it would take to take the 13,000 level out: and the answer is not much. And once out - are we then in Free Fall? Next stop 12,750…12,500…even 12K itself.
BC: I mean… do you want to know my newest crop of great ideas?
SD K: No…I don’t want to hear it…thats what got us into this mess to begin with.
…Momentary silence…
BC: Come on…I know you secretly want to know: MDB, BILL and SNOW - all of which seem to offer nice potential and no one wants insurance companies, Utilities or bank stocks.
SD K: Yea…whats so great about MDB, BILL and SNOW? Never mind…I don’t want to hear it.
…momentary silence…
BC: Kid -Do you think there will be a recession?
SD K: Nah…a recession isn’t in the cards. This is just a market re-set Bear…thats all. Nothing to be overly concerned about.
BC: Thank god - for a moment there I thought we were in trouble:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&…
All the Best,
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BC: Come on…I know you secretly want to know: MDB, BILL and SNOW - all of which seem to offer nice potential and no one wants insurance companies, Utilities or bank stocks.
SD K: Yea…whats so great about MDB, BILL and SNOW? Never mind…I don’t want to hear it.
——
I can be, like, pretty dense.
So i dont know what is going on here.
So i made up names to make myself not feel on the outside of an inside joke.
BC is obviously Bert Cooper, the top rebar salesman, midwest region, three straight years in 1993-1995.
SD K is obviously Samuel Davidson, Kingsman. Head of her majesty’s organic produce procurement in the late 2010’s.
Love it when those guys talk hyper-growth tech.
Dreamer
Hey Dreamer - the video would explain it all.
BC = Butch Cassidy
SD K = Sundance Kid
Last scene when they are trapped by what they think are just a few soldiers.
All the Best,
BC = Butch Cassidy
SD K = Sundance Kid
Last scene when they are trapped by what they think are just a few soldiers.
Hmmm. Nah. Pretty sure my take was prolly right.
Dreamer
ps…I probably should have tried the link.