AMZN delivers and that could pave the way for a modest tech rebound. VXN is at the top of the envelope and NDX still above its 20 dma (1991.50). I still consider long trades to be day trades only as the mood might have changed to sell the rallies. Nevertheless, I would favor NQ if scalping long tomorrow. The COMP must regain 2645 soon, or all bets are off. Be careful, the wolves are out.The biggest task for bulls is to get SPX to close back above its 50 dma (1521.55). If they short that level, you know the party is over.
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on Tuesday, July 24, 2007 at 7/24/2007 07:34:00 PM.
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7/25/07 4:30 AMAMZN indeed reported impressive results but frankly current valuation is really frightening.... Bubble time as far as I am concerned :(
7/25/07 6:52 PM
Lots of pressure on tech funds to have those stocks in their portfolio before EOM.
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