The market did drift lower after Friday morning’s frantic 60 minute rally. And, surprise of all surprises, the NASDAQ closed right on the bottom of that symmetrical triangle it’s been trying to escape. It will have no choice but to come out of the triangle this week due to chart geography (trigonometry?). There should be a significant move when that happens, but given this market we may just keep going sideways.
I lightened my load late Friday, so I’m left with two lings and one short. My list of candidates for today consists of three times as many longs as shorts. Hopefully we’ll get some kind of trend (besides sideways) real soon.
Shouldn’t we be seeing a bit of window dressing, since this is the last week of the quarter?
(I know, expecting it causes it not to happen).
If it does happen, it may not happen until after after the Fed meeting next week. So the 30th could be a very interesting day for many reasones — qtr. end, Fed move and teh Iraq hand off.