Wednesday, May 07, 2008

NASDAQ Technical Picture - Solid Reversal


Solid reversal day for the market. The day started off on a bearish note with worse than expected earnings in Finance (UBS, FNM) and Housing (DHI) along with new all time highs in Crude Oil setting the tone for the weak opening. It's a wonder we were able to get such a big bounce.

CSCO guidance after hours did not impress.

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