Monday, July 24, 2006

NASDAQ Technical Picture -Finally a Technical Bounce

As highlighted here over the weekend, several tech sectors were due for a technical bounce. So this morning with news of the AMD/ATYT merger, strong earnings pre-market, and no new negative catalysts, we were finally able to bounce without the Fed. I would have liked to see more volume but positive tech earnings in AH from big semi names like SNDK and TXN should give this bounce some legs and a potential for continuation. Possible resistance in the area of 2075 and, no doubt, at our 2100 pivot point.

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