The market gapped up about 15 points on ORCL's stellar earnings and guidance report. From there it managed to add another 15 points in a somewhat choppy session given the Fed policy statement in mid-afternoon. The software sector was the easy winner on the session and the SOX was a bit of a disappointment. However, all major tech sectors participated in today's rally. The NDX leaders were all software names - ORCL, BEAS, CTXS and the loser was JOYG which breached support into the close setting up a nice short trade going into tomorrow.The weekly timeframe (below) shows that we are trading into a former conjestion area. I still feel we need to consolidate or pullback in order to properly digest this recent swift ascent.
No comments:
Post a Comment