Hunting for Memorable Numbers

The Nasdaq Composite Index tagged 5,000 precisely this morning, not quite those all-time highs at 5,132 from the Dot-Com Bubble in March 2000 but a large, round number nonetheless. 

It is usually a controversial topic as to whether "overhead supply," or prior trapped longs now made whole when price makes a roundtrip back to that level, even exists on a long-term timeframe such as the fifteen years since the Nasdaq last tagged 5000. Despite some logical arguments to the contrary, history indicates that long-term overhead supply can certainly exist. 

In this case, the momentum in the Nasdaq could easily carry it higher yet to the prior 5,132 highs. But with the psychological 5,000 number hit today, it will be interesting to see how we close--Meaning whether we see buyers galvanized by this circumstance of instead using it as an excuse to hit the exits. 

In the meantime, a few long ideas I am watching on strength: BLMN CHRS IDIT RRGB. 

And on the short side, note the weakness in TSLA and the XLU. LVS is also still on the radar as a short candidate.