maandag 26 juni 2017

Traders Scramble To "Explain" Sudden Nasdaq Swoon

After surging in early trading, the Nasdasq, together with various cryptocurrencies, suddenly slumped and dropped as much as 1% from its intraday highs two hours into trading. That's what traders could agree with; where they clearly disagreed, was on the reason for the swoon with everything from the velocity of last week’s rally, this morning’s economic data and the Supreme Court’s decision to hear arguments on the Trump administration’s travel ban and being cited according to Bloomberg...


In other words, everyone blissfully rode the momentum on the way up, and now it's time to come up with the most convincing story why there are more sellers than buyers...


# Here is what did happen: From a high of 5,845.15 touched at 9:34 a.m. New York time, the Nasdaq 100 fell as low as 5,770.15 at 11:23 a.m., trimming its 2.1 percent rally from last week. Nvidia lost 2%, bringing its three-day drop to 5.3%, while Amazon.com, Alphabet, Facebook and Microsoft each declined more than 2 percent. The Nasdaq Biotechnology Index slipped 0.8 percent, paring last week’s 9.6 percent advance....

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