Outside of the first hour, it was a pretty dull day. We ran into resistance and faded quickly and then the afternoon was a sideways waltz. The Nasdaq carved out a narrow range inside day on higher volume ahead of options expiration tomorrow. Most sectors stayed close to the unchanged level except networking which took a loss of 2%. The NDX winners today include two of our favourites CTXS, CKFR, and INTU and the losers were MEDI, JNPR and EBAY. If you look at the Nasdaq dynamic heat map, you'll notice that outside of those companies which reported last night and this morning, there is hardly any color, which means very little for day traders to trade on in this group.
Thursday, April 20, 2006
Nasdaq Technical Picture
Outside of the first hour, it was a pretty dull day. We ran into resistance and faded quickly and then the afternoon was a sideways waltz. The Nasdaq carved out a narrow range inside day on higher volume ahead of options expiration tomorrow. Most sectors stayed close to the unchanged level except networking which took a loss of 2%. The NDX winners today include two of our favourites CTXS, CKFR, and INTU and the losers were MEDI, JNPR and EBAY. If you look at the Nasdaq dynamic heat map, you'll notice that outside of those companies which reported last night and this morning, there is hardly any color, which means very little for day traders to trade on in this group.
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