Tuesday, October 24, 2006

NASDAQ Technical Picture - Consolidation Day Ahead of Fed

The NASDAQ is showing signs of weakness as the SOX looks like it may rollover after all. AH KLAC and QLGC are trading up on earnings and CYMI is way down. The NAZ carved out a NR inside bar ahead of the FED policy statement tomorrow. Rumour has it that the statement will be on the hawkish side, so I will make sure to close all of my positions before 2:00 EST.

On a more positive note, AMZN is up 14% AH on a favorable earnings report. Earnings tomorrow include MNST before the open, and FFIV and MCHP after hours.

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