Nasdaq gained for the third straight session…

Riz

Experienced member
1,266 5
Once again Nasdaq manage to ignore warnings, eg. from JDS Uniphase and Broadcom, and ended the day up for the third straight session…adding 19 (0.9%) to 2,223…with a volume of 1.76 billion and advancers outnumbering decliners by 20 to 17…

"The Nasdaq is showing resilience [in the face of] bad news, [suggesting] we're probably near the bottom," said Mike Holland, president of Holland & Co….

Charles Payne, head analyst with Wall Street Strategies said, "I'm a little bit impressed because it seems like every time we start to drift buyers are being wooed out of the woodwork a bit…It shows that people are lining up and they want to jump in there but they need the right stimulus."

Of course as always the question is going to be if we’ve witnessed the bottom and if this is a real long-term turn round…and as it’s usually the case most analysts’ views contradict…but the one thing that seems to be sure is that it’s the traders and not investors pushing the Nasdaq up recently…as always is the case traders looks for and jump to short-term opportunities but investors are more patient and wait for concrete signs of economic recovery and positive earnings outlook and that’s exactly the point where we can be sure of a proper bottom and a long-term sustained uptrend…that’s when investors will be pouring money back into the markets instead of cautiously finding select bargains…even my granny will be able to see the clear turn round then :)

As I said yesterday we’re not there yet…but not far away…and not in a so bad position comparing with last month when any tech stock was an issue of selling and shorting…now tech stocks are attracting buyers who think they are oversold…

Over all we’re going to witness more bounces both up and down…still early to consider holding tech stocks long-term, but great intraday/short term trade opportunities which suits my new temporary trade style well…good luck and be cautious please...

Riz
 

Riz

Experienced member
1,266 5
Futures are up at the time of writing looks like yahoo warning not damaging...

NSDQ100 MAR01 1994 +5.50
E-NASDAQ MAR01 1995 +6.50

Riz
 

ChartMan

Legendary member
5,580 46
NAS(100) also closed above Resistance for the second day(1960). Yesterday I was confident of a good start to the nas, today there were no clear signs at the end of the day as to what tomorrow may bring.However looking at the 30 min chart, there is encouragement.The most recent trend is down, and there is an uptrend currently in force.There is also a "bullish pennant" being formed which may lead to a breakout. The most encouraging signs are the indicators, though.Velocity and CCI are both showing positive divergence since the recent peek at 2400, and are currently forming the equivalent of an uptrending "trading range".There are similar signs for TCI as well.All in all, promising for an up turn, bu a close/breakout above 2030 will be required as cofirmation, otherwise it's "back to the drawing board".
Comments?


 

Riz

Experienced member
1,266 5
Thanks Chartman...the chart and your quality comments suit well here...sort of completes the whole picture...

We don't have any significant economic data this week...the only one is the March jobs report which is on Friday...as it's also last trade day of the week, we might have a clearer picture then...

cheers

Riz

What are you doing up this late,sunny?
lol Martin

[Edited by ChartMan on 07-03-2001 at 11:46 PM]
 

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