Thursday June 6th, 2013 – Comments on the NASDAQ 100

Thursday June 6th, 2013 – Comments on the NASDAQ 100

A Look at the Market Since Our Last Update: The overall market moved sharply lower yesterday in a broad based move that affected the entire stock market. The Dow Jones Industrial Average was lower by over 200 points, while the S&P 500 was down by over 22 points and the NASDAQ 100 was lower by over 36 points. In the commodities markets Oil was higher by $0.43 to $93.74 per barrel, and Gold was higher by $1.30 to $1,398.80 per ounce. In the grain markets, Wheat was lower by $0.074 to $7.014 per bushel, and Corn was higher by $0.002 to $6.606 per bushel, and Soybeans were higher by $0.032 to $15.322 per bushel.

A Few Thoughts on the Upcoming Market: In looking at the charts from yesterday’s trading activity, it appears that the market has entered a pullback phase, with at least a short term top being formed in mid-May. It should be noted that with yesterday’s close of 2,937.14 the NASDAQ 100 Index ‘NDX’ broke through a previous level of support at 2,944.59 We see the next level of support on the NASDAQ 100 at 2,911.14 on a closing basis, and feel that there is a good shot it will continue lower and test 2,859.07 on a closing basis. With respects to the overall stock market we would not be surprised if it moved back to its February levels.

Follow us on Twitter under sterlinginv and get our intra-day comments on the market.

To see all of our Market Commentary blog postings,  please visit:

Leave a Reply

Your email address will not be published. Required fields are marked *

Time limit is exhausted. Please reload CAPTCHA.