The NASDAQ 100 continues to see a lot of noise, but at this point in time, the markets are consistently seeing NYC buying.
NASDAQ 100
American investors and the majority of the big money seem to be jumping into this market as most of the positivity, at least over the last couple weeks, continues to be out of the New York session.
The NASDAQ 100 has fallen pretty significantly to kick off the trading session, but it's been a complete turnaround. Based on the time of day that it's happening, it tells me that American investors and the majority of the big money seem to be jumping into this market, which is what you want to see.
Most of the positive over the last couple weeks continues to be out of the New York session. That’s what matters. It really doesn’t matter what happens in Asia; it matters what happens with the bulk of trading. The bulk of trading is suggesting that we go higher.
A Clear Floor at 25,000
If we can clear the recent swing high near the 26,350 level, I think this is a market that probably takes off to the upside for a much bigger move. We have been consolidating for a while. We are in the midst of earnings season and I do think maybe each and every dip will be thought of as a potential buying opportunity.
That’s how I’ll be looking at it, with the 25,000 level being an obvious floor in this market. I don’t have any interest in trying to get too cute here. I think you’ve got a scenario where a lot of people will be looking at value in the form of dips and taking advantage of it.
Once we break out to the upside, we’re probably going to hit 27,000 before it’s all said and done. I do recognize this is a market that’s very choppy and of course going through the earnings season, but that’s also what brings you the opportunities when it sells off based on one company.
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