With the volatility comes pullbacks, and these pullbacks look as if they are offering value for the astute trader, and of course algorithmic black box systems.
Dow Jones 30
The Dow Jones 30 has fallen a bit during the trading session on Tuesday, reaching towards the 24,200 level. I believe that the market should continue to go much higher. Ultimately, I think that the 25,000 level will be targeted, but in the meantime the initial target will be the 24,500 level after that. Currently, I look at the 24,000 level below as the “floor” in the market, and therefore I like buying these dips as it appears Wall Street is ready to do the same. The so-called “Santa Claus rally” is likely to happen, so therefore as money managers try to pad their funds with stocks, to show signs of progress for the year. That provides a little bit of a bullish attitude in the month of December.
NASDAQ 100
The NASDAQ 100 has been out of control lately, as we continue to see so much in the way of negativity, and then bounced rather radically from the 6225 level. It looks as if we are going to try to fill the gap from a couple of days ago again, meaning that the markets going to find support near the 6370 level. The stochastic oscillator is looking very likely to cross over in the overbought range, so therefore I think that it’s a matter of time before you pull back. The volatility the NASDAQ 100 has been very difficult to deal with, and I think that it is easier to play the Dow Jones 30 to the upside, or perhaps even the S&P 500. Tech stocks continue to look very volatile around the world, and the NASDAQ 100 isn’t any different.
MORE WILL UPDATE SOON!!
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