The NASDAQ remains a key Index to watch as a reference for equity markets. Whilst the index trades below the mid-week high of 8050, investors should be cautious.
Move to an overweight position in defensive sectors such as healthcare, infrastructure and consumer staples. Also, focus on individual companies conducting large scale share buybacks.
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Consider hedging using index futures or the inverse ETF BBOZ.
Going forward, track the close in the NASDAQ against the short-term momentum indicators as your hedging reference.
