Wednesday, October 18, 2006

NASDAQ Technical Picture - SOX Sells Off

The NASDAQ filled its gap on the open and then the sellers immediately took over. Since I posted the SOX chart on Monday, we've had two days of profit taking. However, now we are coming into support of the rising 50 day MA. A close tomorrow on or above the 50 MA for the SOX is important. I will be looking to take advantage of a potential bounce in strong semi names such as NVDA if notable support holds and a reversal setup presents itself.

AAPL and NVEC are up in AH trade, AMD is down and CTXS are getting kicked into the gutter.

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