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Yesterday, the stock market took a tumble, with the Nasdaq falling 260 points and Bitcoin getting smashed for an over 6.45% decline to fall below $89,000 a virtual coin.

Before the open bad consumer confidence numbers came out for the month that showed the largest monthly decline since August of 2021. Many people are uneasy right now it seems. Inflation has NOT gone away as the Federal Reserve predicted since September and in fact gotten worse. At the same time, so far this year, the stock market has gone a bit sideways and Bitcoin, which so many piled into last year as the crypto ETF’s launched themselves on to the public, has sagged.

The market drop was no surprise.

In fact, on Monday I wrote that the market was likely to continue to dip some after the market red day reversal of Friday.

Pullbacks in markets are normal, and honestly after the past two years of 20%+ gains for the S&P 500 I don’t think the markets are going to go up that much this year or even do much. So, sharp temporary drops and bounces, I think are going to happen a lot this year.

The Nasdaq is now trading below its 50-day moving average, so it’s next price support level is at its 150-day moving average, currently trading at 18620.

The Nasdaq went up a lot since August, so just as the 20000 level was not a great time to be buying last week, I don’t think this is a great time to be selling, unless you see something that is better to buy and need to sell something to buy it.

I often sell things I have losses on, to create losses I can use on my next tax return, and move the proceeds into new positions.

For instance, if you bought meme crypto coins and have big losses on them, it might make a lot of sense to take the tax loss and buy something real like silver.

There are ETF’s for silver like SLV, for instance.

NVDA is going to report earnings later today, so how it trades afterwards, and tomorrow, will tell us a lot about the 18620 support level.

-Mike

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