After a firmly negative start, the markets bounced back when BB took center stage. When Ben talks about ending the rate hikes, we rally. The NAZ carved out a bullish engulfing pattern on very strong volume. The Nasdaq outperformed the INDU 2 to 1 on a percentage increase. The SOX, biotechs and software performed well while networking was weak. The NDX heatmap has a lot more green on it for a change. The winners today were CELG, XLNX, and APOL (CKFR 4th) and the losers were JOYG, ESRX, and XMSR. We closed weak and the MSFT miss will likely give us a weak open. NDX futures are currently down and the Nikkei is down over 100 points. Stay tuned.
Thursday, April 27, 2006
Nasdaq Technical Picture
After a firmly negative start, the markets bounced back when BB took center stage. When Ben talks about ending the rate hikes, we rally. The NAZ carved out a bullish engulfing pattern on very strong volume. The Nasdaq outperformed the INDU 2 to 1 on a percentage increase. The SOX, biotechs and software performed well while networking was weak. The NDX heatmap has a lot more green on it for a change. The winners today were CELG, XLNX, and APOL (CKFR 4th) and the losers were JOYG, ESRX, and XMSR. We closed weak and the MSFT miss will likely give us a weak open. NDX futures are currently down and the Nikkei is down over 100 points. Stay tuned.
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