How many more clowns can fit into the car?
The Nasdaq 100 printed another 13-year high on Monday morning, as we continue to see investors get into the outperforming index. But just like a clown car at the circus, it is amazing how many people can be squeezed into one vehicle.
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In August, the Nasdaq outperformed again, as the Nasdaq futures drove near the flat line while the Dow Jones swerved by more than 4 percent. Nasdaq traders now wait in anticipation of the Apple announcement on Tuesday.
After all, Apple is the heavyweight of the Nasdaq index, and with the stock doing flips around the $500 level, hopefully the event will provide some clarity.
Additionally, Washington will be adding a few acts to the "circus" in the short term. Coming up under the big top will be the Federal Reserve's announcement next week (when they could announce the tapering of quantitative easing), President Barack Obama's choice for the next Fed chair and the debt limit debate.
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We do not quite think that the tent will fall in on the Nasdaq, but here's what we do think: The show is almost over, folks! We are selling Nasdaq futures into the final act this week.