Now THAT was a rally <vbg>
The real news today, of course, was on the NASDAQ. The Dow
meandered around in its trading range from 11,200 to 11,300
- breaking through the upper boundary at day's end, but the
NASDAQ and OEX clearly broke free of their ranges for nice
upside moves. In fact, the NASDAQ continued on to a
consolidation target we posted, at about 2,300. More on
that in a moment.
NASDAQ Composite and OEX (S&P 100)
We noted the nearly perfect triangle pattern on the NASDAQ
Friday. Today, the pattern broke to the upside, as it
should have, taking us all the way to our 2,300 target.
The OEX also broke to the upside out of its range, but has
not gone quite as far. Since we are at our NASDAQ target,
we are going to pull our stop up to 2,300 (tight) but leave
the OEX a little room to breathe. **
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