Nice action on the Nasdaq today! After gapping up four points on the open, the Nasdaq continued up for the first half hour and then consolidated for an hour before continuing to climb. Afternoon trade was mostly flat, but overall 20 points were added on a clean break last week's narrow trading range. Volume was higher at 1.7 billion shares which counts as an accumulation day. For the first time since mid January, the ADX line curled up slightly which bodes well for momentum. The NDX outperformed the overall composite by a ratio of 1.3:1.0 which means that some of the bigger names performed really well. SNDK, which I bought in pre-market was the top performing stock in the NDX. NVDA which I will discuss in a later post, was in the top 10. Biotechs and Hardware continue to lead.
Monday, February 27, 2006
Nasdaq Technical Picture
Nice action on the Nasdaq today! After gapping up four points on the open, the Nasdaq continued up for the first half hour and then consolidated for an hour before continuing to climb. Afternoon trade was mostly flat, but overall 20 points were added on a clean break last week's narrow trading range. Volume was higher at 1.7 billion shares which counts as an accumulation day. For the first time since mid January, the ADX line curled up slightly which bodes well for momentum. The NDX outperformed the overall composite by a ratio of 1.3:1.0 which means that some of the bigger names performed really well. SNDK, which I bought in pre-market was the top performing stock in the NDX. NVDA which I will discuss in a later post, was in the top 10. Biotechs and Hardware continue to lead.
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