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“Invest for the long haul. Don’t get too greedy and don’t get too scared.” – Shelby M.C. Davis
It looks like traders were a little late to realize that it was September. After two days of gains to kick off the month, things have gotten a bit dicier in the last several days, and today is not looking good at all, especially for Technology. In economic news, the calendar is light today with the only release being the NFIB Small Business Optimism index. That report was better than expected but hasn’t had much of an impact on sentiment.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, market performance in the US and Europe, trends related to the COVID-19 outbreak, and much more.
The Nasdaq 100 is poised to open down more than 3% this morning putting it back in the territory of a 10% correction. One positive (for now) is that the Nasdaq 100 tracking ETF (QQQ) remains above Friday’s intraday low of 271.80 as well as its 50-DMA, which is lower than that ($269.19). These will be two levels to watch throughout the trading day today.