Monday, October 09, 2006

NASDAQ Technical Picture - Low Volume Extension

Notwithstanding today's holiday and Wednesday's WRB, this last leg up feels like its lacking volume. We had a mid-afternoon selloff just ahead of earnings season. I know that I was overly cautious going into this last bounce but I believe that the NASDAQ is priced to perfection and we will see weakness if earnings don't get off to a strong start. DNA, LRCX, and GENZ are the first stocks of interest reporting Tuesday, Wednesday (AH) and Thursday (BTB) respectively.

1 comment:

AJ said...

Hi Jamie,
Hope you enjoyed your holiday today. Since you usually cover CTXS, I was wondering if you could take a look at it. Does the past one month's chart look like it's forming a head and shoulders to you? A possible short play?