Nasdaq up but well off highs...

Riz

Experienced member
1,266 5
Dow Jones 10374 -41
Nasdaq 2645 +47
S&P 500 1315 +0

The Nasdaq Composite ended the day up +47 to 2,645 after rising as much as 152... the Nasdaq 100 Index rose 43 points to 2,549...investors remained hesitant to commit amid political and economic uncertainty...by losing around 100 points off its intraday highs, Nasdaq reminded that the early rally was not more than just a bounce from deeply oversold conditions...it looks like the road to a proper Nasdaq rally is still a tough one... having to get through the pre-announcement period...being the first condition..as more warnings are ahead of us...

Robert Dickey of Dain Rauscher said "the market is certainly oversold enough to begin a year-end rally. But the Nasdaq has not been able to string together three up days in a row since August and this kind of action is necessary, alongside a break through resistance at 3,000, in order for the trend to turn positive for a longer period..."

Bryan Piskorowski, market analyst at Prudential Securities, said "the bottom line is: nothing has changed between Thursday and Friday to pull Wall Street out of its slump...The market looks tired. Any rally is suspect until proven otherwise, and that's what we're seeing. A lot of people don't want to take positions heading into the weekend."
 

traderx

Active member
146 2
Good post Riz, BB quiet probably for the reasons you state above but you never stop working for everybody. Good to remind us that nothing has changed, only a technical bounce and could go belly up next week. Dow now looking wobbly too. Well done mate.

Tx
 

waldorf

1
141 1
Have a gut feeling Rally will commence, when Gore concedes Election, as he surely must soon.


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Col
 

Riz

Experienced member
1,266 5
Thanks Tx..just working and thinking aloud so other members can hear in case something useful comes up by any chance..sharing is the motto of our small but strong community after all..

cheers..

[This message has been edited by rizgar (edited 03-12-2000).]