NASDAQ index is now up over 10% from its lows
The major US indices are cheering the bad news as good news for stocks and for Fed policy going forward. The NASDAQ index is now up 1.56%. The Dow industrial average is into positive territory now at +0.47%. The major indices are working on their 3rd consecutive day to the upside.
Looking at the NASDAQ index, it is now up over 10% from the cycle low reached on October 13. The next target comes in near the 38.2% retracement of the move down from the August 16 high at 11270.07. The October 5 high at 11124 is an interim target.
The Dow industrial average is now up over 10% as well from its October 13 low. The S&P index is up around 9.8%
