11:30AM ET Certainly have to be impressed with the resurgence of the broader market from post-attack lows... Since their lowpoints on Friday, Sept. 21, the Nasdaq, Dow and S&P are up 18%, 14% and 15%, respectively... For the time being anyway, the market is focussed solely on good news, and that is scaring plenty of shorts who have been forced to cover positions; thereby expediting, and exacerbating, the recovery effort... At its current level, the Nasdaq stands above the bottom of the attack-related gap at 1629...
A continued posture above support between 1595/1585 suggests the positive bias is still intact... Plenty of conviction behind today's tech buying efforts as up volume is swamping down volume at the Nasdaq by nearly a 7-to-1 margin; moreover, total volume has already topped 1.0 bln shares... NYSE Adv/Dec 1774/1053, Nasdaq Adv/Dec 1966/1186.
-Briefing.com |
