After gapping down more than 10 points on the open, the Nasdaq found support near its 10 period EMA and proceeded to rally for the first hour and then again into the close. Volume was moderately high at 2.2 billion shares. The SOX found support at its breakout point, the NBI gapped up on the AMGN news, and networking and hardware stocks did well too. Some big movers of note were RIMM (+9%) on the patent news and MNST (+14%) on a state gov't contract (earnings and guidance were in line). Today's action carved out a bullish engulfing pattern, however, we have yet to take out Friday's high on a closing basis. The last four sessions now look like a small flag pattern is forming. The ADX line, meanwhile, is slowly moving lower.
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