The Nasdaq 100 has shown itself to be negative initially during the trading session, only to turn around and show signs of life.
The 30,000 level continues to be a bit of a magnet for price and now it looks like we have a situation where buyers continue to come in and pick up the market.
Going forward, I think given enough time we do break out to the upside, but I also recognize that we had gotten up to this area so quickly that maybe it takes a little bit of time and external pressure to really jump from here. Regardless, there's no way to short this market, it's far too strong. And with that being the case, the market will remain very jumpy and really, I think your job as a trader here is to look for value. Value means lower prices at this point. The Nasdaq 100 rising the way it has certainly means we could be a bit stretched.
Market Value and Interest Rates
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Ultimately, if we do rally from here, I think we will probably go looking to the 31,000 level eventually, but I also recognize that again we are a little bit stretched here, so do not be surprised at all to see a jump and then a pullback. Interest rates falling during the day certainly are a positive factor in what's going on. The intraday action has been very strong for a while, so I do think we have a shot of this market going much higher over the longer-term, and therefore, I am looking “long only.”
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