Nasdaq 100 Slips on Rosengren’s Hawkish Comments – Short Position Favored

Nasdaq 100 dropped on Friday, denting weekly gains on the face of a strengthening U.S Dollar and retreating oil prices. The dollar climbed against most major currencies following hawkish comments from Boston Federal Reserve President Eric Rosengren that U.S short-term rates should be increased gradually now to avoid economic imbalances and a sudden spurt in rates later on, as such actions usually lead to recessions, going by historical evidence.

The benchmark inched as much as 0.32% lower, with the number of losers and gainers split almost evenly. Shares of JD.com Inc topped the list of best performing components, trading up 2.5%. On the contrary, the biggest loser is Alexion Pharmaceuticals Inc whose shares plunged nearly 4%.

Trade suggestion

Sell Stop at 4875.00, Take profit at 4865.00, Stop loss at 4885.00

Leave a Reply

Your email address will not be published. Required fields are marked *