Nice rally between 12:00 and 2:00, but the open and the close were weak. The SOX was strong (finally a bit of follow through). The NDX outperformed the COMPQ again so large cap tech is the place to be right now. Volume was better than yesterday so we seem to be moving forward even though the tape dosen't show much today. The ADX line is now well above 20 and if the +D moves up as well, we might really get some momentum going. From an overbought standpoint, the stochastics are giving an above 80 reading but the McClellan Oscillator is pretty much neutral. Today's NDX winners were SIRI, XMSR, and BBBY. Let's scratch out BBBY because from a day trading point of view, it didn't do anything and add AAPL. The top 10 also includes ADSK, MRVL, and LRCX. Biotechs were on the losing side today - CELG, MEDI, and GILD.
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