Another bullish day for the Nasdaq on increased volume. The Nasdaq ran into resistance on the open, broke through it and went up to 2290 by mid-day, only to turn south in early afternoon. By 2:30 it was back to where it started the day, but a strong close saved the day and brought us back to the trendline. All sectors performed well even though the internets are posting a loss for the day. It sure wasn't caused by GOOG, which had a banner day from a flat base breakout, it added 24 points on the day and closed on its high. I discussed the potential for a GOOG breakout here yesterday . Both the biotechs and hardware took out their January highs today. The SOX still has room to move higher. The SOX was a mixed bag today because AMAT and others in that space (KLAC, LRCX) cratered from their high pre-market prices, while NVDA and BRCM did extremely well. Look for some consolidation after this three day bounce. Tomorrow is options expiration which is always a challenge.
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