Nasdaq Manages an Up Day; Bottom-Fishing in Evidence

While it was another down day for the Dow Jones Industrial Average, the Nasdaq Composite actually broke a string of seven down days and posted a modest gain: The index rose 4.39, or 0.3 percent, to 1,649.51. The index nonetheless finished the horrific week with a loss of nearly 298 points, or 15.3 percent. At one point today, the index touched as low as 1542.45, stretching the loss for the week to just over 400 points, or nearly 21 percent. Astonishing.

One interesting development in today’s whipsaw session was the emergence of what appears to be some selective bottom-fishing. Apple (AAPL) was the most obvious example; the stock rebounded $8.06, or 9.1 percent, to $96.80, aided by some bullish comments from Oppenheimer as well as anticipation of the company’s pending launch of new laptops at an event on Tuesday.

Read the rest of this post