The 'panic' that has been sweeping Asian and European markets transferred to the US Tue morning after the Dr King break on Monday. The question is, was Tuesday morning the bottom for the QQQQ near term, or will this low be tested again?
The climb off the bottom during Tuesday's session led us to believe that this was indeed the low, and are predicting a market recovery over the coming days. However, Apple, a key component of the QQQQ, reported results after the bell Tue that disappointed, and at one point was down over 15% after hours. The obvious meaning of this is that it will negatively affect the QQQQ during Wednesday's session, however there have been cases before that one major company's negative results are dwarfed by a market surge in the other direction. It would not surprise us to see strength for the remainder of the week.
Key questions remain as to if this happens, how strongly it happens, and with what duration, so stay tuned, we are in for volatile sessions ahead.
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