The NASDAQ Composite Index got hit with some selling volume on Thursday as extended tech names finally came under some profit-taking. As I’ve been writing in recent reports, as these names get more extended on the upside, the more in need of a pullback to help consolidate things. On Friday, the futures were down sharply, but the index held the Thursday intraday lows and rallied back to the upside, closing higher on lighter volume.
To me, it simply appeared as if there was no follow-through to Thursday’s selling, although investors certainly had the weekend G-7 meeting to worry about if they wanted to. In addition, many leading names among my favorites pulled back into logical areas of support, creating lower-risk entries for opportunistic traders.
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