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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- Pianalto Sees Potential Tapering on Improving Labor Market – Bloomberg (bloomberg.com)
- Market Snapshot: U.S. stocks fall for third day on Fed taper fears (marketwatch.com)