A run on the Turkish Lira and ominous comments from the Russian Prime Minister about economic war and beyond after the U.S. imposed additional sanctions on both Turkey and Russia, respectively, sent the indexes gapping down on Friday. The NASDAQ Composite Index gapped down off its highs on heavy volume after posting eight-straight up days in a row.
I’ve never understood why people like to talk about the so-called dog days of summer, allegedly when things are slow and quiet because everyone is at the beach or on vacation in some faraway exotic land. These days, I can be in either such place, but trading the markets remains at my fingertips, thanks to the utility of a fast laptop and mobile wi-fi.
The market action in the summer of 2018 may help make the case that this is true for most market participants, because the summer action has been anything but quiet. So far, this summer, the NASDAQ Composite has exhibited a bit of a rollercoaster feel with two sharp sell-offs in June and July. This all led into this past week’s action where we saw the index gap to higher highs on Tuesday, but then spend the next two days churning around for a few days.
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