NASDAQ 6,000? There's Some Pretty Smart Pros Who Think So
/
February 2, 2024
/
PDT
Oh boy, here we go again. Markets gapped up this morning, and now appear to be heading lower - something our friends over at Viking Crest (www.vikingcrest.com) have continued to reiterate to their clients for a few weeks now.
Will they end up being right about their 6,000 target on the NASDAQ? There's an awful lot of traders and investors out there who hope they're right, because if these markets continue to move lower and lower, the buying opportunities are going to start looking more and more attractive.
Give it some time I suppose, but they also published some pretty interesting fundamental data this morning, as it relates to the divergence between earnings and the runaway move to the upside on the S&P 500. Basically, they said these markets are looking more and more like they've gotten ahead of themselves.
If you're interested in trying their service for a few weeks for free - and no credit card required - you can get full access for 14 days. It's all of the same access to everything their clientele gets access to every day all year long.
Just go here if you're interested in getting information to help you make more money in stocks: https://www.vikingcrest.com/register. Like I said, it's free for 14 days and you don't even need to enter a credit card.
If you want to read today's Viking Crest newsletter, they provide some free ones from time-to-time at their web site for visitors to just see their newsletter format and how comprehensive it is, and today's newsletter was one of them. If you want to read that first, you can go here: https://www.vikingcrest.com/article/44.
As for the world of small cap stocks, the Russell 2000 continues to trade lower even though it has had a few good days. The glaring issue right now though is the fact it has broken below its 200 day moving average. In technical terms, that's not going to instill much confidence in bulls out there unless you're a contrarian.
Whether or not the Russell 2000 can find its bottom soon is a huge question mark, but one that probably isn't going to last all that long. If the Russell 2000 could find its way down to about 1,267, I have a sneaky suspicion that could be right around where it might bottom.
Who really knows, but my long experience in stocks has taught me that it's at that point of maximum pessimism the markets will usually stage a very big comeback.
That would probably be right around the area that investors and maybe even a lot of professionals would start saying the bull market is over. Remember though, bull and bear markets always go much higher and much lower than most ever tend to think, so I'm still a big bull in the grand scheme of things - regardless of what the next few weeks or months reveal.