I’m very impressed with the strength being exhibited by the S&P 500 (and the Dow). The S&P has been able to hold the support of its November highs while the NASDAQ has been sliding away. Like I mentioned a few days ago, it appears that a rotation into big cap stocks is occurring. The NASDAQ [...]
Posted by 3 December 2003
Key Reversal
My crystal ball worked pretty well with regards to what would happen once the NASDAQ hit 2,000. It reached that level mid-day, closing a gap from way back in January 15th of 2002 by 0.01 points (damn those technical traders!). It was a very weak attempt to break out above 2,000 and the buyers quickly [...]
Posted by 2 December 2003
No Follow-Through
Not surprisingly the market couldn’t build on yesterday’s rally. As I mentioned yesterday, the market’s in overbought territory and at the top of the trend channel — ripe for profit taking. But there wasn’t a lot of damage done today, as the indices gave up about a third of yesterday’s rally. The S&P actually had [...]
Posted by 1 December 2003
New Highs Again
December started off with a bang today with the major indices closing at new 52-week highs. The NASDAQ is still below its intraday high of 1992 from November 7th, but the S&P 500 has made a clear breakout above it’s old (intraday and closing) highs. There was talk of a rotation into big caps today [...]
