Monday, July 17, 2006

NASDAQ Technical Picture

At these oversold levels and after last week's precipitous meltdown into support, a little bounce would have been in order, but as I said last night, highly doubtful. We need a catalyst. We need better than expected earnings from several big names in the really beaten down sectors like the SOX and NWX to generate some buy side interest and move the market in a meaningful way. Two or three big earnings reports won't be enough to pull us out of the gutter.

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