rally under pressure
Make no mistake about it, the nasdaq with troubles in CHINA and earnings, and with the whisper of tapering back on the table in the US, and the nasdaq is again under a bit of pressure. As you can see, we are back close to the 3 1/2 trend line, and I am not really surprised this has been holding pretty well.
There are a lot of people, blog writers and pundits saying this is start of a crash, however we have been hearing that for years now and still the market kept headed higher. So it is too early to call a crash here. 2-3 down days on the market is not a crash, I am still under the impression we are still in a bull market, and even in bull markets prices cannot just go up in a straight line.
Now at the end of JANUARY we can see the market has basically done nothing more than go sideways and it is a slow daily grind. My guess is this will continue. However prepare for headwinds the middle of this week when the US FED meeting takes place. Maybe they have a big announcement up their sleeve, who knows, but remember last time this took place the market was really whippy so do tread carefully this week and remember your stops.
|rally under pressure|
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