Some former leaders like LNKD, albeit an extreme example, have been taking it on the chin for months of end. Shorting them down here became increasingly difficult, with the likelihood of at least some type of snapback rally materializing rising.
This morning, we are seeing both the small caps and Nasdaq, not to mention the biotechnology stocks, lead a market rally. To be sure, the damage sustained in recent months by these indices and sectors is not likely to be rendered irrelevant before Memorial Day.
However, for a quick trade, a name like LinkedIn does become intriguing on the long side over $152.
The key with this market now is knowing your timeframe. A relief bounce in the beaten-down leaders may be just that–Temporary relief.
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This move will be used by the longs, who bought last week, to take off some risk.
Real battle now starts .. Does the QQQ or IWM have enough energy to eventually make new highs.. I have doubts..
Good points, JB. Thanks.
IWM/QQQ:is it going to last ? I have doubts too
Si, senz’altro, michele.
non ho capito: sei d’accordo sui miei dubbi ? o sulla durata del breakout ? scusa e grazie
Si, hai ragione. Sono d’accordo con te, michele.
grazie mille.Complimenti x il tuo Italiano. dove l’ hai imparato ?in Italia o con Italian girl friend ?
C’ho fatto il laureato in italiano e poi studiato e lavorato in Italia tre volte…Grazie
The NYSE and DOW have already confirmed a new uptrend … Once the NDX/NAZ starts impulsing (today?) we will see BO’s in the other indices.