The NASDAQ 100 peaked at 16,767.30 on November 21, 2021 - exactly one year ago. Tech stocks were hammered hard this year as can be seen in the depressed share prices of FAANG stocks. At the lowest point on October 13, the NASDAQ 100 has lost almost 38%. This bearishness is so prevalent, it is not unreasonable to believe most market participants are knee-deep holding shorts. Here lies the opportunity.
We have Thanksgiving this Thursday. This is followed by options expirations in multiple markets on Friday. In the meantime, volatility has been falling which typically is a harbinger for a short squeeze.
With this in mind, a massive buying opportunity may present itself in the next few days.
#1 Limit Buy @ 12,225.00. Moved #1 Limit Buy to 111285.00 Tue, Nov 22 11:27am
Stop @ 10,590.00
Target @ 12600.00