Treating Small Corrections as Buying Areas

Welcome to Karpel’s Corner. This is where I throw out my thoughts on the markets and share some of my favorite strategies. I keep it market-focused, and never miss an opportunity to teach trading strategies and commentate on the latest trends affecting the financial markets. Hope you enjoy today’s post!

While mainstream media is now looking at the market action as a correction, I like to look at the price action in another light… opportunity.

The NASDAQ ($QQQ) has been on a slide this month after hitting new highs just two weeks ago. I have resistance now marked at $105 on the $QQQ and support at $101. This by no means is a dramatic range. If you look at our Seansonality Charts, it is playing out as anticipated.

While the Volatility($VIX) pop tempers buying equities on these dips, I am taking the opportunity to scale into some long positions. The most notable names I have on the radar are: Linkedin ($LNKD), Broadcom ($BRCM), and Apple ($AAPL). Each of these stocks have a ten on the Tradespoon long-term scale.

Be sure to join us next Monday morning on our live braodcast where we discuss what is going on in the market, as well as the cool tools and applications we have coming out.

Have a great weekend, and see you next time at the Corner!