- The Nasdaq 100 continues to see a lot of noise at the moment, but I think what's truly telling is that we tried to rally and then gave back quite a bit of the gains rather quickly.
- Ultimately, this is a market that I think may have gotten a little bit ahead of itself.
- And now in the afternoon in New York, we have seen traders step away from the market, perhaps in a way to get out from underneath the Federal Reserve.
The interest rate decision on Wednesday will be a factor in where we go next. So, it's worth noting that although no interest rate decision is expected, the tone of the statement and press conference will be put under a microscope. So, I think a lot of people we're just simply getting out of the market ahead of what is a very dangerous moment.
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Pullbacks at this point in time make a certain amount of sense. And I think the 23,000 level is an area that a lot of people will continue to watch as a potential floor in the market. If we can stay above there, then I think we will just continue the uptrend. But if we were to break down below it, then we could be looking at the 22,500 level of things being equal.
This is a market that I have no interest in shorting despite the fact that we have seen a pretty brutal sell-off in the afternoon or late morning in New York. Nonetheless, we go higher over the longer term. I think if we do get some type of panic sell-off, that's just going to end up being a buying opportunity and you want to buy on the right side of the V after the bounce.
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