Hope your weekend was well spent. Once again, more terrorism in
England proves life is precious, yet evil is still prevalent. Still
can’t fathom how anyone could do such a thing, but history continues to
prove the world will never be as safe as we’d like it to be. Another
opinion for another day.
The NASDAQ ripped higher Friday, as did the all of the major
averages. The move was very broad based, so equities in general still
have every right to see follow through on Friday’s move, but it’s likely
not come without some volatility.
The bottom line is we’re still convinced the S&P 500 will find its way to roughly the 2,500 level, but it is definitely worth nothing the NASDAQ did achieve our near-term target on Friday of 6,300, And, considering the NASDAQ has led this rally pretty all along, it’s going to be very interesting to see how the index reacts today.
Again, a complete wipeout of Friday’s move would not be good. However, a modest pullback would be fairly orderly, so assuming the NASDAQ could breach Friday’s high to the upside at some point this week, the move would strongly suggest a rally toward 2,500 on the S&P 500.
You can see on this daily chart of the S&P 500 the distance between where we’re at now and 2,500 is quite a bit, so like we said a few weeks back, it’s not whether or not the index achieves 2,500, it’s more about how it gets there, because that level could quite possibly end up being one of the first very strong resistance levels if and when it happens. We’ll see.
In the meantime, we’ve got a brand new idea today, one we think should do well over the next several weeks and beyond. We mentioned a few weeks ago biotech and healthcare could lead the markets next big leg up, and based on what we saw late last week, that could very well be the case.
Quality Systems, Inc. (QSII) and its subsidiaries develop and market electronic health records (EHR), practice management, revenue cycle management, and interoperability solutions, as well as clinical workflow and operations consulting services for medical and dental group practices and hospitals throughout the U.S.
The bottom line is we’re still convinced the S&P 500 will find its way to roughly the 2,500 level, but it is definitely worth nothing the NASDAQ did achieve our near-term target on Friday of 6,300, And, considering the NASDAQ has led this rally pretty all along, it’s going to be very interesting to see how the index reacts today.
Again, a complete wipeout of Friday’s move would not be good. However, a modest pullback would be fairly orderly, so assuming the NASDAQ could breach Friday’s high to the upside at some point this week, the move would strongly suggest a rally toward 2,500 on the S&P 500.
You can see on this daily chart of the S&P 500 the distance between where we’re at now and 2,500 is quite a bit, so like we said a few weeks back, it’s not whether or not the index achieves 2,500, it’s more about how it gets there, because that level could quite possibly end up being one of the first very strong resistance levels if and when it happens. We’ll see.
In the meantime, we’ve got a brand new idea today, one we think should do well over the next several weeks and beyond. We mentioned a few weeks ago biotech and healthcare could lead the markets next big leg up, and based on what we saw late last week, that could very well be the case.
Quality Systems, Inc. (QSII) and its subsidiaries develop and market electronic health records (EHR), practice management, revenue cycle management, and interoperability solutions, as well as clinical workflow and operations consulting services for medical and dental group practices and hospitals throughout the U.S.
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