The Nasdaq is down a bit to close out the trading week following Nvidia’s market-moving earnings report. Meanwhile, the other major indices are up slightly to close out the week.
A move like we saw Thursday looks to be a bit of a squeeze at this stage of the game. The biggest earnings reports are now out of the way, so stocks should start trading more of their own volition.
That said, I’m being very, very careful. One thing I found interesting in the Nasdaq 100 (QQQ) during its run higher Thursday is we got right to the previous high from a couple of weeks ago.
The question now is what will be the catalyst to drive it higher? I’m not seeing anything obvious just yet.
Blue-chip stocks are starting to wake up and they’re stronger than tech names right now. The Dow (DIA) is popping, and the same thing with the S&P 500 (SPY).
But the QQQ is down today. So like I said, be very, very careful!
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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