The NASDAQ acted kinda strange today which I think was due to the Russell 2000 re-balancing. While the S&P 500 and Dow closed more than 0.5% lower, the NASDAQ gained 0.5% thanks to a late day surge. Whatever the reason it just proved to be another choppy day. Below are charts of the NASDAQ and SNDK, one of the shorts I opened today. The notes on the NASDAQ might sound like I'm really bearish on it but I'm not. I just think that this is not the spot to initiate longs. My guess is that it will pull back a bit and that will probably be a buying opportunity. The NASDAQ trend is clearly up right now as it is above just about any moving average you can find.
