Monday, March 08, 2021

A 10% plunge for the NASDAQ last Friday was clearly not enough, stocks took another wicked plunge today dropping $5 to as much as $89 each as the NASDAQ continues to let the air out of over-inflated stocks.

With the conditions we see in the NASDAQ, Iím not expecting much of a recovery until earnings season in mid-April to early May which means current conditions are best for the quick trader until the charts set up again. Until then big cap NYSE stocks are moving up like Mastercard (MA), Visa (V), and Deere & Co (DE) which I posted last night in my newsletter.

Letís start the charts with two leading indexes.

TBA = Technical Buy Area

My short-term trading oscillator closed at -58 tonight which shows the market is still deeply oversold though growth stocks are simply not responding as they continue to sell down today.

Now letís review some stocks.

I look forward to seeing you in the chat room on Tuesday and Wednesday and then back here on Wednesday night for an update on the charts.

Daniel J. Zanger