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Feb. 29 NASDAQ Update

The markets are having a bullish reaction to the core PCE inflation news. After four days of downside, $QQQ is having a bullish rebound off the yellow trendline. Usually the inflation news leads to a pump and dump so I would give the markets some time to cool off a bit. For any short-term buying opportunities I would look at the assets that have dropped significantly or are still low (i.e. SNAP, RIVN). I just don’t see a reason to FOMO into a stock that is very overbought.

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