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CME Group Inc. Message Board

  • salut_copains salut_copains Feb 26, 2011 1:49 PM Flag

    Strength in the Nasdaq and Tech Stocks ---> Ready for Next Week's Tech Plays?

    The Nasdaq tested down two times yesterday below the key 50-day exponential moving average, but closed above while showing a positive divergence on the 60-minute short-term charts at that double bottom. The close above with the positive divergence told us a move up off oversold was on the way, but I didn't expect the 20-day exponential moving averages to be captured back in one day. This is why you never short a bull market. You should rarely play counter trend. If you want cash that's fine, but counter trend playing makes little sense. 2769 was the level the Nasdaq needed to take back and it did just that. Nothing explosive above, but above, nonetheless. Impressive. The price of oil had led this market lower. It printed near 103.00 per barrel yesterday, and that was the reason for the brief loss of those 50's on the Nasdaq. The S&P 500 and Dow never fell below.

    ===> I'm done with my stock research this afternoon. Ready for big tech plays next week? I'm ready, baby!!!

    Let's head outta here to enjoy the weekend. Until next week ---> Ciao!

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104.09+0.44(+0.42%)Oct 21 4:00 PMEDT