If it were not for Large Cap technology stocks this day would have turned out differently. Lead by MSFT, AMZN, AAPL, and GOOGL the NASDAQ 100 led all major market averages. The Dow was unable to eclipse the breakeven mark, but finished off its lows. Volume was lower than yesterday’s level, but it really is not a surprise to us. Most rebounds in this uptrend have begun with volume on the lighter side. Tuesday’s market did a lot of damage and it may take some time to repair the damage. All stops have been moved accordingly and hedges are in place. We do have one new long tonight, but we are certainly going to treat it with kid gloves. Trade the market that is in front of you not the one you want.
Today’s bounce was not overly impressive, but it was good we did not follow-through to the downside. It will be important we do not take out the latest lows.
More to come this week and we’ll see everyone in the morning in the chat room.
