(MENAFN- Daily Forex)
The NASDAQ 100 was somewhat choppy and quiet during the early hours on Thursday, but it certainly has not sold off, despite the fact that the Producers Price Index came out slightly hotter than anticipated. Because of this, I think the market is essentially stuck in a feedback loop.
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The Nasdaq 100 was fairly quiet and choppy early during the trading session on Thursday. PPI came out a touch higher than anticipated. The market has been behaving, it's freaking out over inflation but given enough time it ignores it. So, they just assume that the Fed will ride to the rescue and more likely than not, this is going to end up being a buying opportunity on this tiny little dip. With that being said, the 18,000 level should be supported. The 20 day EMA I do think comes into the picture as support as does the uptrend line.
Really at this point in time, that's been the game for a while. We've just been pretending that there is a market out there that's moving on anything other than momentum. And I just don't see how that changes. So with that being the case, I think you've got a scenario where you're looking for dips, you're taking advantage of them, maybe the one that's happening right now, and then you're going long. The reaction was a drop of about 50 points immediately, which all things being equal, isn't much of a reaction.
So, I do think that we will continue to see more of the same mentality that we've had for a while and therefore I remain bullish, not necessarily aggressively bullish, just more of a nice grinding trend as we are in a 45 degree angle. Remember it's all about the same seven stocks it's been about for quite some time. Because of this, you probably continue to use the same trading system, just simply buying every dip that is offered, but perhaps in somewhat smaller positions due to the fact that the volatility will probably pick up sooner or later.
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