The Nasdaq shed 29 points on moderately high volume (2.2 billion shares - just a touch less than yesterday so this is not a distribution day). The market gapped down on the open and fell sharply between 10:30 and 11:30. It found support at 2277-78 which marks the December high. However, the market was in the doldrums all afternoon and closed just a few points above its lows. After hours earnings by notable names were not compelling so unless tomorrow's jobs report is optimistic, we could be in for more of the same.
Thursday, February 02, 2006
Nasdaq Technical Picture
The Nasdaq shed 29 points on moderately high volume (2.2 billion shares - just a touch less than yesterday so this is not a distribution day). The market gapped down on the open and fell sharply between 10:30 and 11:30. It found support at 2277-78 which marks the December high. However, the market was in the doldrums all afternoon and closed just a few points above its lows. After hours earnings by notable names were not compelling so unless tomorrow's jobs report is optimistic, we could be in for more of the same.
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