The NASDAQ Comp. has made several trips up to the 2300 level in
recent months, only to be turned back by selling pressure. Well, it's
there again, with a cliffhanger 9/16 finish at 2303. Chart.
There is confirmation of the NASDAQ advance in the short run, but the
market is approaching a short term overbought. Logic says the market
should absorb more of the overhead resistance without great damage
before advancing to higher ground up and through 2300. But, logic
and stock price movements do not always happily coalesce.
Place your bets!
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!