Noon update:
The overnight lows held, and that is reassuring for bulls. Now they need more negative sentiment in order to build the foundation for a real rally. We will have to check the closing ISE numbers. For now, this is just an oversold bounce, but bears should be careful as NDX sits more than 6% away from its 20 dma. That is an extreme level and a bounce to the 2100 level is a definite possibility. AAPL and GOOG need to go green, though.
Note the failure of the RUT at its 5 dma (781/782). I like small caps going into December, the question will be from where. A close above 782 would be bullish. For now, it's still up for grabs.
The overnight lows held, and that is reassuring for bulls. Now they need more negative sentiment in order to build the foundation for a real rally. We will have to check the closing ISE numbers. For now, this is just an oversold bounce, but bears should be careful as NDX sits more than 6% away from its 20 dma. That is an extreme level and a bounce to the 2100 level is a definite possibility. AAPL and GOOG need to go green, though.
Note the failure of the RUT at its 5 dma (781/782). I like small caps going into December, the question will be from where. A close above 782 would be bullish. For now, it's still up for grabs.
This entry was posted
on Monday, November 12, 2007 at 11/12/2007 11:50:00 AM.
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