Our minimum downside projection for the Nasdaq is 14,000 by the second half of September. That would place SOXS easily over $10. Global markets are holding critical support this morning in Europe. There remains risk of a Fed rescue into next week’s Jackson Hole Symposium. Investors who are short SOXS, tech, or the NDX can remain short into late September and risk a temporary drawdown into Monday. The bounce up Friday/Monday may be large. Our next low is August 28-30 for major indexess and September 1-3 for the Russell. We will look to re-short potentially on Monday. A low today should form within the first two hours of trading.
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