Monday, July 21, 2008

NASDAQ Technical Picture - Narrow Range Consolidation

A low volume, narrow range consolidation day. Although both the S&P and DOW took out last week's highs in early trade, there was no follow through. As expected a lot of backing and filling. Leadership on the long side was provided oil/energy and commodities with weakness noted in airlines and broker dealers. Sounds familiar.

After hours we got a host of disappointing earnings and guidance from AAPL, AXP, SNDK, TXN, and MRK. The NQ Eminis are off by 30 pts. AH so expect a gap down open tomorrow.

No economic data tomorrow, but Philadelphia Fed pres. Plosser has a scheduled speaking event which could impact markets. LRCX, LLTC, BRCM, YHOO, VMW report AH. Before the bell WB, CAT, AKS, HAL, UAUA, and UNH are scheduled.

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