Thursday, May 29, 2008

NASDAQ Technical Picture - H&S Top on Track

Minor gains for the major indices amid a low volume relief rally. Sector leadership came from Coal +4.3%, Steel +4.3%, Mining +3.4%, Chemical +3%, Paper +3%, Oil Service HOLDRs OIH +2.8%, Casino +2.2%, Crude Oil +1.5%, Natural Gas +1.4%. Banks and insurance were weak due to loan loss hikes and AIG's need to raise more capital.

The H&S top scenario is on track and the choppiness amid a lower volume rebound supports the right shoulder pattern.

1 comment: said...

Optionvine which tracks unusual option activity has shown consistent put buying last week and this week in WFC. SIGM had put buying today. SGR had call buying.
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