Guy Cohen

Nasdaq Profit Taking and UK Uncertainty

by Guy Cohen 11. June 2017 10:22

A big news day on Friday with the UK election results and the Nasdaq/Tech bubble popping just as east coast traders 
were going to their lunch breaks!  

The UK election did indeed spring a surprise, which somewhat contradicted my email from Wednesday night ("Thursday's UK election is unlikely to yield any real surprises, with the Conservatives most likely to hold onto power despite a lacklustre campaign.  Any other result would see a plunge in Sterling at the very least.").  

So I got the Conservatives holding on, but it turned out to be only by a whisker, and Sterling plunged as a result.  

The only certainty in the UK right now is that there will be more uncertainty in the short term, but that will also lead to opportunities ... it always does.  

And what about the Nasdaq and Tech stocks?  This was not an overnight gap down, but a concerted surgical profit taking move that took the market by surprise.  

In such a case largely profitable positions would have been exited, which is fine.  The markets don't provide guarantees, and I always prefer adverse behaviour to occur during trading hourse rather than overnight gapping.  

The banking stocks were among the beneficiaries of the tech slump, with BACGS and JPM all defying their head and shoulders setups for now.  

Also on Friday, we released the latest Watch List improvements and fixes.  Feedback has been very positive, and there's even more to follow.  

The next piece of that puzzle is to enable me to dynamically share my watch lists according to your membership status.  Once that's in place I will host a live webinar to show the entire Watch List platform. 

Remember, the whole point of the new Watch List is that you manage your stocks optimally, and that you don't lose sight of a potentially good stock because it's been submerged in a list that you may have forgotten about.  

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