The Nasdaq has pulled back about 140 points over the past 7 sessions – about 6.5%; Looking at near term support, we are about ¾s of the way to the ascending triangle the Nasdaq broke out from in late December.
Source: Gary B. Smith, Real Money
If you want to add or initiate Nasdaq positions, scale in as the index moves towards that breakout point. The retracement towards those level would provide lower risk entry points.
As goes January, so goes the year?
Can we grow out of deficits this big?
Does Kerry worry Wall Street?
7 reasons Americans save so little
U.S. Troops Gear Up for Bin Laden
The Nonsensical Nine
Quote of the Day
“People are overconfident. Psychologists have determined that overconfidence causes people to overestimate their knowledge, underestimate risks, and exaggerate their ability to control events. Does overconfidence occur in investment decision-making? Security selection is a difficult task. It is precisely this type of task at which people exhibit the greatest overconfidence.”
-John Nofsinger, Investment Madness
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.