Not much to say about this session except that it almost put me to sleep. The Nasdaq carved out a narrow range bar, perhaps a star, on lower volume. It felt like the summer doldrums but we'll call it a consolidation day. As noted this afternoon, I noticed quite a few failed breakouts including AAPL, AKAM, and NVDA. The strongest tech sector was disk drive followed by internets. The weakest sector was the SOX which ran into resistance within its symetrical triangle pattern (see chart below). DELL reported reduced guidance for the current ongoing QTR. and is trading down significantly AH. This is also having a negative impact on AAPL and other hardware names. Today's NDX winners were WYNN, MNST and CTXS; the losers were lead by EBAY, LRCX, and XMSR. As noted in Friday's post, the diminshing volume on this latest bounce is worrisome. Wednesday afternoon (2:15 p.m.) we will receive the latest FOMC policy statement from BB. Until then, trading will be likely be very slow, like watching paint dry as Trader Mike so aptly put it.
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