Tuesday, August 08, 2006

NASDAQ Technical Picture

An extremely slow day leading into the Fed policy announcement which was, after all this waiting, an anti climax. The pause itself was already priced in and the modest changes or lack of clarity to the accompanying policy statement left the markets in an unsettled state. So they did a quick head fake and then sold-off. The NASDAQ closed just 8 points shy of its lower pivot point with most major tech sectors closing in the red, the lone exception being internets.

After hours, CSCO beat by $0.02 on higher revenues and better margins and issued slightly higher guidance. NDX futures are up 7 points in AH trade. YHOO is also up in AH on news of a new search ad ranking system.

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