The tech-heavy Nasdaq 100 has now rallied 15% over the last 35 trading days since the post-Brexit low was made on June 27th. The type of “fear selling” that occurred during the 5% pullback we saw over two trading days post Brexit is what crushes long-term performance for many individual (and institutional) investors.
The average Nasdaq 100 stock is up 5% year-to-date, and the average stock is now 5% above its 50-day moving average as well. That’s a pretty extended reading that would suggest some kind of “mean reversion” trade — whether it’s through a pullback or sideways action — is on the horizon. The stocks below are the most extended in the index at the moment. These are the names currently trading the farthest above their 50-day moving averages. As shown, NVIDIA (NVDA) is the farthest above its 50-day at a whopping 22.27%! Seagate (STX), Micron (MU), Biogen (BIIB), JD.com (JD), and eBay (EBAY) are the next five most extended, and a few other notables on the list include Yahoo! (YHOO), QUALCOMM (QCOM), Apple (AAPL), Microsoft (MSFT), Amgen (AMGN), and Alphabet (GOOGL).