Posted by 27 February 2006

February 27, 2006 Stock Market Recap

It looks like the 3 month long consolidation may finally be ending. The S&P 500 traded at a new 2006 high today but sellers stepped in and pushed it back under the January closing high. The Nasdaq’s also within striking distance of its 2006 high. The month-end markup crew should have no problem pushing the indices to new highs tomorrow. ;-)

Here are charts of the S&P, Nasdaq, QQQQ and the BKX:

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Comments

  1. Posted by Duru on February 27, 2006 at 10:31 pm

    Incredible to see that the market has essentially rotated funds AWAY from oil to the financials! I can only guess where the $$$ will go next if those bearish candlesticks “bear” out…

  2. Posted by Henry on February 28, 2006 at 2:11 am

    Mike.. love your site.. great analysis here.

    What do you think of RYAAY (Ryanair)? They just had a morning doji star, MACD showing a divergence, and stochastics turning up from 20. Think this is good for a short term to mid term buy?

  3. Posted by chris on February 28, 2006 at 7:23 am

    don’t u think we will have a run on tech/biotechs? it’s long over due, but still waiting..

  4. Posted by Michael on February 28, 2006 at 9:26 am

    Henry,

    I agree with your read but I’d add that it’s in a downward sloping channel and the 50-day moving average is just above. Doesn’t seem like a good risk/reward to me.

    Chris,

    I don’t know.