NDX is now 4% above its 20 dma (green line). It has almost never reached such a gap and not pull back. We closed with a Doji right under 50% projection August (2089.67) and that is what bulls need to put on their radar. Also, compare the top formation in July, along with gap the previous day, to today's chart. Pretty freaky ressemblance.Some statistics on window dressing, if you are wondering why that bid is there even though economic news is horrible: link.
Since the books are closed three days before, we could see some selling as early as tomorrow. In fact, some of the darlings, like AAPL and RIMM were down today. These are the stocks that all the loser fund managers had to buy this week because they did not have them earlier. The endless parade of fund managers on CNBC pushing equities to unsuspecting masses will eventually dry up.
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on Wednesday, September 26, 2007 at 9/26/2007 05:27:00 PM.
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