For the second day in a row the sellers tried to take the market down but didn’t have much success. The Nasdaq-100 led the way today helped by a big move in Apple and solid gains in Microsoft. All the indices have come a long way over the last 6 sessions and are short-term overbought. We know they can stay overbought for a while and I’m not saying I’d be a seller here but I’d be hard pressed to be initiating swing longs now.
The S&P had an inside day and closed down a couple of points. Let’s just call it a consolidation day.
The Nasdaq found support near 2,500 shortly after the gap down this morning. the bulls did a good job of pusing it back above the January high.
And speaking of January highs, QQQQ is closing in on its Jan. high.
I’ll call this a consolidation day for the Russell too.
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
Can you throw oout some suggestions for stock investments in “green” companies?
Can you throw out some suggestions for stock investments in “green” companies?
It almost feels like the market is going up mainly because it has “no reason to come down!” It truly feels like the bears/sellers are the exhausted ones…
They oughtta be exhausted! Not only have they been fighting the tape for six months, basically they’ve been fighting the tape for four years!
Check their archives: some of them have been calling for a crash consistently, despite the fact that the markets have gone up 70% in the last 48 months. Meanwhile, they’re advocating holding the ultimate parabolic increase, gold – which has yet to top its May 2006 highs …