Tuesday, October 17, 2006

NASDAQ Technical Picture - High Volume Gap Down

The NASDAQ gapped down on on Goldman Sack's downgrade of INTC amid worries that tech stocks are overvalued. AH earnings from INTC, YHOO, and MOT were not rich enough so the overall market should remain weak. It could be another stock picker's earnings season with stars like ILMN and RIMM heading north to challenge resistance and all time highs, while the overall market drifts back to reality. It's too soon to tell for sure, but it's my gut feeling.

Tomorrow's economic data includes CPI and housing starts BTB and crude inventories at 10:30. AAPL and AMD are among the bellwether tech companies reporting AH.

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