Wednesday, May 30, 2007

NASDAQ Technical Picture - Another Multi-Yr Closing High


We can't complain about a lack of volatility on a day like today. First the gap down on Chinese stock market worries and then the FOMC minutes in the afternoon propelling the NASDAQ to a multi-year closing high. Volume was up but still below average.

Economic calendar: Prel. GDP and Chain Deflator, Initial Claims at 8:30; Chicago PMI at 9:45; and Construction spending at 10:00

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