Thursday, August 14, 2008

NASDAQ Technical Picture - Flag Pattern Forming

The flag formation on declining volume is intact, but we are still overbought. The trend line held as support on the open as higher than expected inflation led to a shaky start. A drop in oil prices later in the session kept the markets near intraday highs in mostly sideways action.

ADSK gapping higher on earnings.

Economic calendar: Capacity utilization, Industrial production at 9:15 and Michigan sentiment at 10:00.

There might not be a pre-market post again tomorrow as I have more errands to run in the early a.m.

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