The NASDAQ composite index erased a -175 point decline or -1.25% and traded positive briefly. The price high showed a gain of 5.87 points or 0.04%. The current price is trading near unchanged at 14109.
The NASDAQ has been up for five for the last six trading days. From the low on March 14, the price has seen a gain of 12.4%. The price has moved back above its 38.2% retracement of the move down from the November all-time high. That level comes in at 13952.28. The low price today at 13933 dipped below that level but quickly bounced back higher.
This rise comes despite a sharp rise in yields. Although the 10 year yield is lower today by about one basis point, the yield's rise from the March 7 low at 1.668%, has seen the yield move up 70.4 basis points to 2.372%.
The shorts have been squeezed and investors now see the Nasdaq as a safe haven (?).
The Dow is down 257 points or -0.74%. The broad S&P index is down -17 points -0.38%. The Russell 2000 is down -6.66 points or -0.32%
