I don’t have much to say about today’s action… it was just lower volume consolidation. As you can see by this intraday look at the Nasdaq there hasn’t been much momentum since Monday morning. Perhaps the action will pick up when that trading range is broken.
Here are the daily charts. It’s interesting that the Nasdaq and Dow haven’t made new highs along with the S&P and Russell 2000. Some of the recent Nasdaq leaders like GOOG and AAPL are looking a little tired right here. I’ll be watching those names closely over the coming days…
Trend Table
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
Abby Cohen thinks the market is still undervalued.
http://blogs.wsj.com/marketbeat/2006/12/07/whats-it-all-about-abby/