# Nasdaq hem ayıları hem boğaları şaşırtıyor

- Bağlantı: https://www.borsatek.com/nasdaq-hem-ayilari-hem-bogalari-sasirtiyor-99601h/
- Yayımlanma: 2023-06-29T15:01:59+03:00
- Yazar: Murat Ali Oral

Reklam

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Nasdaq Composite Çarşamba gününü kırmızıda kapatarak bu yıl şimdiye kadar elde ettiği%
30’a yakın kazancın küçük bir kısmını geri verdi. İkinci çeyreğin sonuna yaklaşırken,
2023 rekorlar kitabına girecek bir yıl olarak şekilleniyor.

Yılın başında Federal Rezerv’in enflasyonla mücadele konusundaki şahin tutumuna 
ilişkin endişeler (bu arada endişeler devam ediyor) göz önüne alındığında, sadece
çift haneli kazançlar bile oldukça önemli.

Ancak piyasanın bu getirileri sağlama şekli beklenmedik bir tarihsel analiz ortaya
çıkarıyor – teknoloji ağırlıklı Nasdaq’ın bu yılın ilk yarısında etkileyici altı
aylık çetelesine ekleme yapabileceğini öne süren bir analiz.

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H/1HMCo+DXr9AAAAAElFTkSuQmCC)

Yukarıdaki grafik Nasdaq Composite’in yılın ilk yarısındaki getirilerini (mavi) 
ve ikinci yarısındaki performansını (kırmızı) göstermektedir. 2023’ün ilk yarısı,
1975 (%45) ve 1983’ten (%37) sonra üçüncü en yüksek getiriyi sağlıyor.

İlk iki yılın her birinden sonra yaşanan büyük düşüşler (sırasıyla -%11 ve -%13)
hemen göze çarpmakta. En iyi beşinci yıl (1986) da ilk yarıdaki %25’lik yükselişin
ardından ikinci yarıda %14’lük büyük bir düşüş yaşamış.

Peki bu yılın üçüncü ve dördüncü çeyreğinde yatırımcıları benzer bir düşüş kaderi
bekliyor olabilir mi?

Bu “büyük yükseliş, büyük düşüş” yıllarının fiyat hareketine bakıldığında, bu yıl
gelişenden kesinlikle farklı bir tablo ortaya çıkıyor.

1986’da fiyat, ilk iki çeyrekte büyük ölçüde sorunsuz bir şekilde yukarı doğru hareket
ediyor ve 10 günlük hareketli ortalamayı (dalgalı fiyat hareketlerini yumuşatmak
için kullanılan teknik bir gösterge) yakalıyor. Yükseliş çok mükemmel olmuş olabilir
mi?

Yukarıdaki grafikte olduğu gibi duvara toslamak, genellikle önemli bir geri çekilme
olmadan fiyat ilerledikçe artan riskle mümkündür..

Günümüze dönersek, bu yılki fiyat hareketi biraz daha dalgalı oldu ve fiyat Şubat
zirvesinden Mayıs ayındaki yukarı yönlü kırılmaya kadar büyük ölçüde yatay ve aşağı
yönlü hareket etti.

Tek taraflı bir piyasa tersine dönmeye eğilimliyse. Belki de hem inişli hem çıkışlı
daha dengeli bir piyasa boğaların ihtiyacı olan şeydir.

Bespoke Investment Group Pazartesi günü Günün Grafiği ile benzer bir bulgu yayınladı.
Yılın ilk altı ayında kazanılan günlerin sayısı toplandığında, daha yüksek bir kazanma
yüzdesinin mantığa aykırı bir şekilde yılın ikinci yarısında daha düşük bir pozitif
getiri olasılığına işaret ettiğini buldular.

Bespoke şu sonuca varıyor: “Nasdaq’ın önceki geçmişine dayanarak, güçlü ilk yarılar
sırasında pozitif günler ne kadar az rutin olursa, ikinci yarıda ralliye devam etme
olasılığı o kadar artıyordu.”

Bu durum, piyasalarla ilgili genel teorimiz olan iyi bir şeyin çok fazlasının kalıcı
olmadığı görüşüyle örtüşüyor. En azından, bu yılki etkileyici kazançlar bazılarının
iddia ettiği gibi ters rüzgar olmayabilir.
