The Nasdaq barely retraced its gap open before going on to add 33 points on above average (volume 2.2 billion). The SOX led today's rally gaining 4.3%, followed closely by NWX with a 3.9% increase. There was a lot of new money going to work today as institutional investors kept the pace going all day. After the 10:30 reversal there were no pullbacks until the close. These types of trading days usually only occur once or twice a month and tomorrow will likely follow with a narrow range day in the upper 3rd of today's wide range bar. The Nasdaq far outperformed both the SPX and INDU. I think this is the beginning of a tech sector rotation and we should expect some continuation in the days and weeks to come. That is, semis will take back the lead and pull us out of this narrow trading range. Four of the NDX top 10 today were semis: BRCM, MRVL, ALTR, and NVDA.
Wednesday, March 01, 2006
Nasdaq Technical Picture
The Nasdaq barely retraced its gap open before going on to add 33 points on above average (volume 2.2 billion). The SOX led today's rally gaining 4.3%, followed closely by NWX with a 3.9% increase. There was a lot of new money going to work today as institutional investors kept the pace going all day. After the 10:30 reversal there were no pullbacks until the close. These types of trading days usually only occur once or twice a month and tomorrow will likely follow with a narrow range day in the upper 3rd of today's wide range bar. The Nasdaq far outperformed both the SPX and INDU. I think this is the beginning of a tech sector rotation and we should expect some continuation in the days and weeks to come. That is, semis will take back the lead and pull us out of this narrow trading range. Four of the NDX top 10 today were semis: BRCM, MRVL, ALTR, and NVDA.
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