The NDX-100 reached the 3999 level before it retraced 25 points sharply followed by a bounce closing 0.53% positive, even though the DOW and the S&P 500 were flat. The market keeps pushing higher reaching all time highs thanks to the FED´s QE, as economic and earnings reports do no warrant such lofty levels. Facebook is very close to reach its IPO and will most likely break the USD 40 level due to its better-than-expected earnings report last week where it stated 41% of its ad revenues came from mobile, a huge jump. On the energy front WTI oil closed 1.34% negative as traders await tomorrow´s Fed statement as well as inventory levels. Our strategy worked fine today and we still maintain the view that the market is overbought. Tommorrow´s FED announcement as well as Friday´s Jobs report will be the catalyst for a correction or further gains in the market. Caution is warranted……
Today´s Profit USD 380 (Portfolio Size: USD 25,000)
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- Facebook Is Very Close To Hitting Its Original $38 Per Share IPO Price (FB) (businessinsider.com)
- Asia stock markets fall ahead of Fed meeting (kansascity.com)