On Thursday NQ opened and tank down to support, then promptly reversed to close not far below the open. European sovereign debt crisis and banking crisis will continue to intensify, and will continue to dominate the financial news.
The collapse is coming, it is just a matter of time. The politicians would surely want to kick the can down the road as long as they can by printing paper money to buy some time, but the longer they keep the problem going the worse the end game would be. When Europe finally collapses the US will collapse with them as well because the US banks has insured the debt.
For Friday I will use 2295 as key Line-in-the-sand.
- Above 2295 implies nasdaq is going up to 2335.
- Below 2295 implies nasdaq is going down to test Thursday's low.
