Nasdaq 100 has been bullish during the month of May despite the fact that we have a lot of different things going on around the world.
After all, the war in the Middle East hasn't exactly resolved itself and of course that has a lot of people out there wondering about what's coming next.
After all, they've made a decision to continue to talk and that of course is a good thing, but at the end of the day, it's also worth noting that that also leaves us open to a lot of shocks.
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The market did crack above the 30,000 level and I think that is a big sign of strength and if we can continue to see buyers on dips, I think that pushes this market much higher. But when you look at the last couple of months, the Nasdaq 100 has gone straight up in the air. One would have to assume sooner or later that we have to get a pullback in order to stabilize things.
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However, I would also point out that we spent 2 weeks going sideways during the month of May, so maybe that was it. Maybe that's all that those waiting for value will get.
This is a market that I think continues to go to the upside, but I also recognize that there are a lot of headline risks out there, not the least of which would be whether or not the war in the Middle East kicks off again. While the Americans and the Iranians have stopped shooting at each other, they have not been able to come to any type of agreement.
All things being equal, I think the artificial intelligence trade is starting to take hold again, and that should directly influence the Nasdaq 100 over the longer term. It would not surprise me at all to see another positive month for the month of June, but I also recognize that it will probably be very choppy and very noisy along the way.
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