While volume picked up today slightly for the NASDAQ, not much was determined. Bulls and bears remain in a gridlock and the NASDAQ + S&P 500 ended today’s session with a double inside bar. While not as rare or emotional as a double rainbow, it is fairly uncommon.
The highlights today were Finisar’s (FNSR) stock imploding and Bill Gross selling off all his US government debt in his PIMCO Total Return Fund (the largest bond fund in the world). Keep it frosty and I will see you back here tomorrow.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | (-) Down | Up | Up |
(+) 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.
