Thursday, July 24, 2008

NASDAQ Technical Picture - High Volume Trendline Break

A new recovery high on good volume in the morning, followed by narrow range chop from midday and following the FED Beige Book. Oil tried to rally following the crude inventory report (large draw), but ended the day on its lows. A number of strong earnings reports AH from AMZN, BIDU and QCOM could provide fuel for tomorrow. WFR down more than 20%. The NASDAQ is very overbought.

Oil/commodities are coming into support. Normally, I'd expect a bounce at these levels, but this market may surprise.

1 comment:

bl said...

Airlines on a tare: UAUA 2.80 few days ago now 9.35!!!!!!!!! Big tug aware with financials, air, homes etc vs commodities