Fear And Bounces
The crash of an American Airlines flight shortly after takeoff sent shockwaves of fear through the market on concerns that it may be terrorist related. As that has been discounted by the market, we have seen some recovery in prices.
This is still a thin, holiday-mode market, with many other markets closed for Veterans Day. In the late morning we did see a wave of buying that forced locals to cover shorts, and pushed the market back to the 1108 area. But caution is the word of the day in these markets. It is thin — and price spikes are likely.
In Nasdaq, a bounce has brought this market off its lows, but right now activity is very light. We saw good buying in the mid-morning from 1498 up to 1507. The
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PowerRating) has shown some increase, which is giving a stronger underpinning to this market. But overall, be aware of the holiday trade.