Scalper1 News
Major averages rose on mixed volume. The higher volume on the NASDAQ Composite was easy to achieve as Friday’s volume was lower than normal given the 3-day weekend. The bounce in leading names such as AMZN and GOOGL on declining volume has been anemic relative to the bounce in the major averages. A wedging pattern is forming for both names, though should the bounce continue a bit longer, such names would likely catch up to the rising market as institutions tend to favor such big cap names as safer places to invest their capital. Nevertheless, the bounce remains suspect thus keeping a close eye on any potential short-sale candidates is prudent. Futures are up almost 1% at the time of this writing as the Federal Reserve’s minutes from their last meeting are due for release at 2 PM EST. The hope is that the minutes will show more evidence of a pause in rate hikes. Meanwhile, other central banks continue to ease as signs of any meaningful economy recovery remain elusive. Scalper1 News
Scalper1 News