Well we didn't get a positive close on the NASDAQ. But considering the ground that was covered today, (-3) on the NAZ, with the NAZ 100 (+10), SOX (+15) plus most of the averages closing near their highs. IBM, AT&T, MCD closing higher. Even some of the big money center banks and the Airlines closed near their highs. Granted there was still damage done to the charts and the close on Friday will give me a better idea where this market might be going. But there were still some positives out of today's trading, companies like Delta, AMR, GM and the NAZ all filled gaps on their charts. Besides a much needed rest for some of the internets.
But my guess (and right now thats all it is) would be this market is setting itself up to go higher yet. Another "fakeout before the breakout". Think about it. Devaluation of the REAL should have done more damage to the averages (I agree its still early). After yesterday's close (at their lows), today's announcement should have killed everything. We should have had closes near the lows not highs of the day. Plus the one thing that keeps me optimistic here is the performance of many of the small cap stocks that I follow. Companies like RACE, ANCR, OMTL, INSGY plus so many more that are making big moves, except they do not show up on any of the averages. The underline market is acting very well.
So I'll wait until the close on Friday to either get really psyched or fearful of where we might be going.
Oh yes, most of those 2nd tier internet companies I pointed out have made huge moves. The latest being CNKT $2.75-10.0 in one week.
Good luck trading this week.
SO |
