Thursday, October 05, 2006

NASDAQ Technical Picture - Choppy Extension of Yesterday's Rally

We had a choppy extension of yesterday's rally as the NASDAQ flirted with 2300 for most of the session before taking it out in late afternoon. We only surpassed resistance by 6 points, so it's by no means solid at this point. Biotechs pushed us over the top while the SOX tried to pull us down. Small caps were very bullish today, still the NASDAQ outperformed both the SPX and INDU. Tomorrow's jobs data (8:30 EST) could be a strong factor in market direction.

Good Trading and Happy Thanksgiving weekend to all my fellow Canadian traders!

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