What the tape is telling..

This site has probably a more scientific way of looking at the tape
Nasdaq Weather Report
http://www.stockciphering.com/index.htm

 

The market is still consolidating as far as I can see from the daily charts, no clear indication for a direction yet, I'd play small or stand aside (I hold tech stocks for 2-3 days max). There is nothing I would bet on right now

 

...also...sentiment indicators are way into the bullish zone; mutual fund inflows very high. Lots of reasons to be very cautious here.

OTOH...the Bush administration will do anything humanly possible to keep the markets afloat until after the election.

m

 

If you are looking to short something, why not pick the SMH?

 

2061,whats the bet we get a power rally into the close if it'll hurry up and close 2055

 

There's your 2055.00 print!

Stay tuned!

 

Lol... so much for that idea

 

Interesting Close at about 1147 and 2046.

Tomorrow should be equally interesting ...

 

The COMP ran into some resistance a little bit above the 50% retracement of the recent move down off the highs at 2153.83 at 2084 today.

Trade 'Em!

 

I don't know if anyone's pointed this out, but the Comp has been being squeezed between R at 2100 (+/-) and a trendline going back to last summer. Today it spanned the entire range. Considering that the S&P has quite a ways to go to find the same level of support, the Comp may not hold.