A narrow range consolidation day on lower volume for the Nasdaq. Although most major tech sectors ended the day in the green, most were just hugging the unchanged line and did little to recapture yesterday's late day losses. The exceptions were networking which had a gain of 1.6% and biotechs which added more losses (1.3%). The RSI, MACD and ADX are all signalling continued weakness so I will be trading cautiously until the situation resolves itself in one direction or another. Today's NDX winners were ATYT, SIRI, and FLEX (all priced under $20) and the losers were GILD, CELG ( way up in AH), and ADSK.
Tuesday, May 02, 2006
Nasdaq Technical Picture
A narrow range consolidation day on lower volume for the Nasdaq. Although most major tech sectors ended the day in the green, most were just hugging the unchanged line and did little to recapture yesterday's late day losses. The exceptions were networking which had a gain of 1.6% and biotechs which added more losses (1.3%). The RSI, MACD and ADX are all signalling continued weakness so I will be trading cautiously until the situation resolves itself in one direction or another. Today's NDX winners were ATYT, SIRI, and FLEX (all priced under $20) and the losers were GILD, CELG ( way up in AH), and ADSK.
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