NASDAQ (QQQ) Rolls Over
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After a 17 percent rise year to date, the NASDAQ has become top heavy. Sentiment regarding the index has been stellar so far this year and earnings numbers have been solid, especially from heavily-weighted Apple, which had a blowout quarter.
Today's jobs number painted a muddy picture for U.S. economy and traders are responding by bailing out on the markets highest flying index. NASDAQ stocks tend to trade at higher multiples given higher growth rates in the tech industry, so it makes sense that a negative reaction would show up here first.
Investors can get exposure to the NASDAQ by trading the ETF PowerShares QQQ (Nasdaq: QQQ).
QQQ is down 1.6 percent currently. Not coincidentally, Apple is down 2 percent.
Today's jobs number painted a muddy picture for U.S. economy and traders are responding by bailing out on the markets highest flying index. NASDAQ stocks tend to trade at higher multiples given higher growth rates in the tech industry, so it makes sense that a negative reaction would show up here first.
Investors can get exposure to the NASDAQ by trading the ETF PowerShares QQQ (Nasdaq: QQQ).
QQQ is down 1.6 percent currently. Not coincidentally, Apple is down 2 percent.
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