Posted by 16 February 2007

Feb. 16, 2007 Stock Market Recap

We’ve had a rather quiet end to this options expiration week. The last two days were narrow range consolidation days. I was especially surprised that volume didn’t spike today given that it was an expiration day. The price action, especially in the S&P 500 is reminding me of the week-long consolidation which began two weeks ago.

The Nasdaq seems determined to retest 2,500 yet somebody is selling and keeping it capped just shy of that nice round number which should be psychologically important.

The Russell 2000 floated to a new closing high today…

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

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Comments

  1. Posted by LP on February 16, 2007 at 8:16 pm

    Mike: It’s time the blogging world start a fund to prevent TraderMike.net from going down. I missed the Opra thing today, but I hope to get it on demand or bitcomet. Mike when I make it, there will be more than a bottle for you. Only red.

    LP

  2. Posted by Mikw on February 17, 2007 at 3:57 pm

    Mike,

    I appreciate the consist coverage on the SPX, COMPQ and RUT. I concur with your SPX chart comment. 1440.

    Thanks,
    Mike

  3. Posted by Michael on February 17, 2007 at 4:01 pm

    I appreciate the feedback Mike.

  4. Posted by MarketMonk on February 19, 2007 at 1:17 pm

    Hi Mike,

    Hey, your Russell 2000 chart is a few days out of sync.

  5. Posted by Michael on February 19, 2007 at 1:28 pm

    Thanks for catching that Monk. I have to be more careful with my copying & pasting. I forgot to change the date on that image’s HTML.