Morning update:
Strength in the semi conductor sector (Asia gave us a hint last night) is holding up the markets, especially NDX/QQQQ. NQ is above weekly pivot at 1951.75 and that is support going into lunch. INTC is bullish above 24.09. Financials are weak which makes for choppy trading. If you like the long side, pick stocks in the semi-conductor sector. They might want them in their end of quarter portfolios.
If the overall momentum has shifted to selling rallies, we should find resistance at 5 dma for NQ, currently 1962. A close above puts bulls back in charge.
Strength in the semi conductor sector (Asia gave us a hint last night) is holding up the markets, especially NDX/QQQQ. NQ is above weekly pivot at 1951.75 and that is support going into lunch. INTC is bullish above 24.09. Financials are weak which makes for choppy trading. If you like the long side, pick stocks in the semi-conductor sector. They might want them in their end of quarter portfolios.
If the overall momentum has shifted to selling rallies, we should find resistance at 5 dma for NQ, currently 1962. A close above puts bulls back in charge.
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on Thursday, June 21, 2007 at 6/21/2007 10:48:00 AM.
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