Tuesday, July 29, 2008

NASDAQ Technical Picture - Offset Day





The markets rallied on some better than expected earnings, consumer confidence, and full disclosure. In an effort to reduce its risk exposure and improve up its balance sheet, Merrill Lynch (MER) is selling $31 billion of CDOs for $0.22 on the dollar, or $7 billion. The XLF rallied 8%. Most major sectors except oil and gold, were up on the day.

Okay, so financials, energy, and commodities have been in play in July and there have been big moves on both sides. But what's up with large cap tech? Looking at the QQQQs and we see a base forming, but until we break $46.00, there's nothing much to get excited about. Top picks - BIDU, QCOM, JNPR (flag pole), FSLR/ENER, FMCN (bottom base forming), ALTR, DELL (yeah really), CELG and biotechs in general.

2 comments:

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Jamie said...

Hayfro,

I don't usually do link exchanges this way, but I added you cause you're in Canada ;)