My brother got us free floor tickets to the Pistons game tonight so I am about to head off but I wanted to atleast get a quick chart up of the NASDAQ before I left. Today was a great example of how the market never acts rationally. If we were “oversold” yesterday, then now we are “way oversold”. For a great reminder on why catching the bottom is never worth while, Mark from FundMyMutualFund wrote a good post today on the topic.
Also, I posted up a great piece today that expands on yesterday’s comments at StockTradingToGo which is worth a read: How to Find Future Big Winner Stocks in a Losing Market. Stay frosty out there.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Down | Down | Down |
| Short-term | Down | Down | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
