It looks like all the momentum nasdaq stocks have gone parabolic. Not only that, all the analysts threw in the towel and just decided to raise price targets by 25-50 points, some even more. I am starting to see signs that some of these stocks have peaked and all of the good news is priced in.
Nasdaq looking toppy ? Reversing to the down ?
- Thread starter derektrader
- Start date
At a minimum, folks have rotated out of the NDX 100 names. The rest of the Nasdaq, Russell 2000 and Dow have all been acting better.
The dow is looking better but is the nasdaq giving us an early signal to the down for the market as a whole?
That is the $64,000 question!
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The dow is correlated to itself , as one public profitable daytrader noted.
Even if it was correlated 80%, that leaves too much% when its not+ its easier to manipulate 30 stocks rather than 500 or 100...………………………………………………………………………..