The Nasdaq gapped up 12 pts. on the back of the lacklustre jobs data, the implication being a continued tightening in the labor market and inflation risk. It managed to add 6 additional pts. in a lower volume session to close at 2342. All major tech sectors were in the green at the end of the day with biotechs leading way ahead of the rest. The Nasdaq lagged all the other major averages and they, once again, reached new 52 week highs. Today's NDX winners were ATVI, CELG, and AKAM. Leading the way down were EBAY, CMVT, and ATYT. Next week should interesting because so far this little bounce shows a lack of momentum ie. the volume seems modest for size of the advance - 40 pts.- over the last two sessions.
Friday, May 05, 2006
Nasdaq Technical Picture
The Nasdaq gapped up 12 pts. on the back of the lacklustre jobs data, the implication being a continued tightening in the labor market and inflation risk. It managed to add 6 additional pts. in a lower volume session to close at 2342. All major tech sectors were in the green at the end of the day with biotechs leading way ahead of the rest. The Nasdaq lagged all the other major averages and they, once again, reached new 52 week highs. Today's NDX winners were ATVI, CELG, and AKAM. Leading the way down were EBAY, CMVT, and ATYT. Next week should interesting because so far this little bounce shows a lack of momentum ie. the volume seems modest for size of the advance - 40 pts.- over the last two sessions.
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