Din realized how many times I was shorting Nasdaq until I was taking stock at the end of the week. The technical configuration on US tech is extremely negative, on a scale of 1-10 is 0.
Last night the Nasdaq gave up almost all it’s intra day gains of 1+% to barely register a positive outcome which is more symbolic than substantive. Will look to short the index in the coming week.
Feeble move of +2.09 giving up early morning gains. Friday’s strong NFP spark further taper action from the Fed. Seems clear that Asia markets still rely on liquidity factors rather than fundamentals
STI’s reaction to US overnight gains is simply pathetic. At lunchtime it’s just marginally up +3.08, an outright disrespect to the heady market mood in US. It was downward sliding from the bell, opening at 3190 and hitting as low as 3176. Seems like traders are taking every opportunity to pare down their exposure.
I can’t even begin to tell you the bearish of technical indicators.
STI: 3185 @ 12.24pm
Update: STI: 3177 @ 3.44pm
JCP has been severely oversold over the past 30 days. Early morning action has drawn me back into the counter. Went in long twice for a short term trade. As a big picture person I was never into the details like the brokerage, thinking that it is just a slight road bump on the autobahn of trading. To my dismay, I found that I’ve been charged $124 for 5,000 shares each way! Which means $500 over the course of 2 trades and 15 mins!