Wednesday, July 26, 2006

NASDAQ Technical Picture

We are consolidating Monday and Tuesday's gains. As long as we don't take out 2050 ( pivot point) on a closing basis, the consolidation is healthy. Biotechs, drugs and health care are still strong but the latter two are getting toppy from a technical perspective. CEPH was halted AH on a report that Q2 income will exceed previously issued guidance by 40%. The best performing stocks on my screen today were AAPL and SLAB, which finally broke out of their post earnings consolidation ranges. Stay tuned.

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