Wednesday, September 10, 2008

NASDAQ Technical Picture - Consolidation Day

A low volume consolidation day which retested yesterday's lows and attempted to rally. The rally was choppy and the advance failed near 1st level resistance. Lack of confidence in the rally resulted in late day profit taking. Upside leadership was provided by the Commodity/Energy complex. Weakness was noted in airlines, casinos and financials.

Economic calendar: Initial claims, import/export and trade balance in pre-market and treasury budget at 2:00 EST.

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