The NASDAQ was unable to stage any kind of rally after gapping down on the open. It traded sideways all morning and finally succumbed to selling pressure in the early afternoon. A late bounce off of the lows resulted in a solid close above the 200 day MA and the potential for a reversal tomorrow. The biotechs have the early lead on a potential reversal. Hardware was the weakest tech sector. Commodities all fell again today. Notice how oversold the NAMO (McClellan oscillator) is at the end of today's session. The NDX top 10 includes several biotechs - GILD, BIIB, AMGN, ISRG. The losers took big hits today - JOYG, AKAM, JDSU, and MRVL.
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