Keys takeaway from y...from Wui Feng

Keys takeaway from yesterday fed announcement: -Buying bonds “at least at current pace” -Sees rates at zero through 2022 -No negative rate dots -Expects 9.3% unemployment rate end of 2020, 6.5% end of 2021 -Sees GDP falling 6.5% in 2020, rising 5% in 2021 You decide your trading plan!

Edited 11 Jun 2020, 10:53

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The Nasdaq slid and the S&P 500 closed little changed on Friday as early gains in technology and growth names faded, with each of the three major Wall Street averages posting their second straight weekly decline. #NASDAQ#

Wui Feng

MKE Technical Research Regional Traders’ Almanac 20200914 Tech Stocks Bubble or just a Healthy Correction? For the first time since the Mar-20 low, the NASDAQ Index has broken below the uptrend line. Despite the euphoria rally in Tesla, a major chunk of the index weightage comes from Apple, Amazon and Microsoft. Baring Apple, both Amazon and Microsoft already traded below the 50-day EMA line thus could keep the overall pressure on the downside. We don’t think this is a” bubble” although the current correction is set to continue. We expect the index to test the lower support at 10,300 and 9,700 in the short to medium term. #NASDAQ#

Wui Feng