Friday, September 26, 2008

NASDAQ Technical Picture - Reversal Day

Today's upside bias was a little surprising given all the negative economic data, but we were due for some relief following all that red ink.

After hours, RIMM missed by a penny and it got crushed.

NASDAQ futures have taken out today's lows and we a close to testing the pivot point base.

JPM has acquired WaMu's banking operations and sources close to John McCain are saying "No Deal" with respect to the rescue package. Tomorrow should be interesting,

Economic calendar - Chain deflator, GDP- final in pre-market and Michigan sentiment at 10:00.

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