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Huge rerating happening now in the Nasdaq. Approaching 4200 as...

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grandcaruso

2,317 Posts.

09/02/16

06:35

Post #: 16972044
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Originally posted by grandcaruso ↑

I think it's gone. Down more than 2% today. Looking likely it will close under support. Apple down 6.5% today , more to come as $80 is on the cards and possibly even $70. Given Apple's weighting in the index further share price falls will drag heavily on the Nasdaq. Index overall PE is above 21 and looking too pricey given the current global environment. Several market heavyweights/darlings to report earnings over the next two days. FB and Ebay report over the next 20 mins time. Microsoft and Amazon over the next couple of days. If they disappoint then it won't be too long before the Nasdaq is testing 4200. Amazon is a market darling and never ever seems to disappoint irrelevant as to what they report so be interesting to see if the market dynamic persists.

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Huge rerating happening now in the Nasdaq. Approaching 4200 as mentioned a couple of weeks ago. Still a way to go down because Apple is still above $90 and I believe it will be in the 70s in the not so distant future. Maybe looking at 3900 or 3600 some time in March.
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