Tuesday, August 22, 2006

NASDAQ Technical Picture - Consolidation is Good

Another low volume, consolidation day. We need this after last week's big gains. And I expect more of the same early tomorrow unles we get some sort of catalyst. Existing home sales data will be released at 10:00, followed by crude oil inventories at 10:30.

Most tech sectors ended the session in the green with the SOX and software, the major exceptions. The internet sector ($GIN) had a good day today and looks poised to break higher.

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