Today´s Market August 07, 2008

NDX0807

The NDX-100 plummeted to the 3099 level before steadily rebounding the rest of the session. We believe the market is overvalued and should correct at least 5% but in order to see the beginning of a correction the market will need to see a sharp selloff  and close at the lows. The last 2 days the market has experienced sharp declines only to rebound, thus we will have to wait for the above mentioned conditions to experience the beginning of a serious correction. Bloomberg published today that Fed Bank of Cleveland President Sandra Pianalto said today there has been “meaningful improvement” in the labor market and that tapering may be warranted if it continues to strengthen. We will see……

Today´s Profit USD 275 (Portfolio Size: USD 25,000)

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