Last week, the Nasdaq Composite burst through what we
described as a “confluence of technical factors:” 200-day moving average (1995), the downtrend line from the December
highs (1996) and the 50% retracement of losses from March highs to April lows
Nasdaq – 6 Month Chart
click for larger graphic
Source: Gary B.
The 2,000 resistance level now offers both psychological and
technical support, and is approximately 2.5% below recent close. That is your
new line in the sand – and your stop loss.
of the Day:
"One of the funny things about the stock market is that
every time one person buys, another sells, and both think they are astute.
" -William Feather
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.