Arr, mutinous tech stocks be settin' sail fer their direst voyage since December, posin' a threat to ruin 2023's market rally.
2023-08-10
Arrr! The Nasdaq-100 hath taken a mighty plunge below its 50-day moving average, a sight not seen since March. 'Tis a sure sign of trouble ahead, with losses not seen since December! And to make matters worse, this tech-heavy index be on course for a two-week retreat of 4%, aye, ye heard right! If these losses hold, 'twill be the worst stretch since Dec. 23, when the index fell a whopping 5% over two weeks, as recounted by Dow Jones Market Data! And on that fateful Wednesday, the beloved Nasdaq-100-tracking Invesco QQQ Trust Series 1...
In a twist of misfortune, the Nasdaq-100, that tech-loaded index, has tumbled below its 50-day moving average, a level it hasn't seen since the merry month of March. This plunge has set it on a course for its most dreadful spell of losses since the jolly month of December.And that's not all, mateys! This misfortune is set to wrap up a two-week decline of 4% by the time Thursday's sun sets. If these losses are as stubborn as a barnacle, it would be the most wretched stretch since December 23, when the index plunged 5% in just two weeks. The good ol' Dow Jones Market Data confirms this sad tale, so don't be doubting me now!
But wait, me hearties! There be more to this tale. On a most distressing Wednesday, the beloved Invesco QQQ Trust Series 1, the treasure that tracks the Nasdaq-100, found itself in the middle of a tempest. The trust was down more than 2% that day, making it the dreariest of times for those invested in the tech-laden treasure.
Now, I don't be having a crystal ball, but this be sounding like stormy waters for the Nasdaq-100, my fellow adventurers. The wind be howling, the waves be crashing, and these losses be mounting. Keep a keen eye on the horizon, for there may be more rough seas ahead for this tech-heavy treasure trove.