Monday, August 28, 2006

NASDAQ Technical Picture

Despite the low volume action, both the COMPQ and QQQQ's are moving forward according to plan. All major tech sectors ended the session in the green with internet retail leading the way on news of AMZN's stock buyback and a GOOG/EBAY alliance. The SOX also got a boost from upgrades for NVDA and INTC, although NVDA fell victim to some profit taking as it attempted to fill its bearish gap resistance dating back to May 12th.

Watch for consumer confidence tomorrow at 10:00 and FOMC minutes at 2:00 p.m.

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