Thursday, April 16, 2009

Nasdaq not dead yet


Still in an upchannel/ wedge/ whatever you want to call it as it broke a key level of resistance. A level more than few bears expected to hold. It did on the first push up but broke today on solid volume. Volume is still consistent so very easily could be a channel.

On a general note, there are way too many people thinking we are at a top. I can't remember a time when we have topped without people, including myself, being surprised at one last up move in the markets before an intermediate term correction began.

http://stockcharts.com/h-sc/ui?s=$COMPQ&p=D&yr=0&mn=6&dy=0&id=p14354180731&listNum=1&a=154927098

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