Following The Script – Maybe
My target for this “dead cat” bounce that began a week ago Monday is likely to be reached today.(So I thought when I wrote this early this morning) If the NASDAQ 100 reaches or comes close to 15500 sell and don’t look back. Don’t be fooled by the fact that the catalyst of GOOG splitting it’s stock and having good earnings will be repeated by Meta(FB) and or Amazon(AMZN). If you look at GOOG’s stock chart you see that it only peaked in Nov. and held up much better than the other two. Therefore, it was no surprise their earnings were good although the stock split was the catalyst to really squeeze the shorts. Meta’s earnings could go either way so the stock reaction should be nothing like GOOG’s. AMZN, which I wrote about months ago, as being done as a stock even though the company isn’t going away, should selloff dramatically after the earnings, either because they disappoint or because margins and or the outlook shows their former growth rate is a thing of the past. I expect my 15500 target for NDX to be reached today(tomorrow at the latest) and will be going back to being short, if it does. (If I adjust my target it may be to the downside)
Sir CM,
Big name tech darlings tend to gather the headlines … GOOG split reminds of CSCO last split on Feb 22 2000.
Nasdaq high 3/10/2000 5048.62
Will history repeat or rhyme 22 years apart? That’s also roughly three 7-year cycles … I’ve read about those a lot, and understand that 7 years can be 6 years or 9 years … as the markets never had so much Fed intervention when they used to exhibit such seven year bull or bear cycles.
This time Nasdaq topped (so far) 11/22/21 … 16212.23
This is getting too exiting, IMHO!
GL
FB earnings just capped the Nasdaq/NDX bounce …