It's been a bit of a bloodbath in the Nasdaq during the trading session on Friday as we continue to see a lot of influence via the interest rate markets.
And of course, when we had the jobs report come out at twice what was expected, it makes a lot of sense that interest rates shot straight up in the air and by extension you saw the stock markets really struggle.
So, with that being the case, the Nasdaq 100 is a market that I think continues to be very noisy. I think it is a market that is still kind of stuck in that artificial intelligence trade, so it'll be interesting to see how that plays out. Ultimately, this is a market that I think you may have to step out of the way of. I certainly wouldn't start shorting right away because quite frankly this is a market that I think eventually does turn things around, but you don't need to be the first person in this trade.
Interest Rates and the Artificial Intelligence Trade
Keep in mind part of what's going on in the trade right now is that the markets are heading home for the weekend and that of course has a major influence on whether or not they want to take a bunch of risk on. Clearly, they don't want to go into the weekend with a bunch of risk, so let it do what it's going to do.
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Somewhere around 28,500 I'd be very interested in this market. Some type of bounce between here and there probably gets me involved on the right-hand side of the V once the 10-year yield in America starts to drop again. I need both of those to happen and then I jump in. You probably have all of the major names out there in the artificial intelligence sector really starting to rally at that point.
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