Chart of the Day: Nasdaq Near Term Overbought

The Nasdaq break out over the ascending triangle is a longer term Bullish sign. Short term, the Nasdaq appears to be over extended. Look for a pullback towards the red trendline.

Nasdaq Near Term Overbought
nasdaq_near_term_overbought.bmp
Source: Technimentals

A retracement towards the 2000 level, while staying above the red trend line, would provide a lower risk entry point.

Random Items:
Temp Hiring Signals Economic Recovery
ARCH ENEMY: Super Size Me
Seven earnings reports that matter
Doing Business With The Enemy
The Bagel and the Index Fund
China-US: Double bubbles in danger of colliding?

Quote of the Day:
“Despite the mania of the 1920s and the subsequent crash of 1929 into the 1932 low (a three-year decline much like March 2000 into March 2003), the market rallied for five years — until 1937 — before a new secular bull began in 1942. Bear market rallies are impressive. That’s their job, of course, to convince the herd that the bear is dead.”
-Jeff Cooper

Category: Finance, Media

Music Royalties Rise, Even as CD Sales Fall

Category: Finance, Music

Iowa and Prediction Markets

Markets are not God. To many people, this statement is a form of economic blasphemy. I suggest those people should get over it. In the past, I’ve challenged the issue of how “predictive” markets actually are. I note that many people read what they want into short term jags and twists, despite the obvious limitations…Read More

Category: Finance, Politics

GE’s Welch on Leadership

Category: Media, Politics

Retracement ?

Category: Finance

Market Flashes Yellow Caution Light

Category: Finance

Chart of the Week: 15 Year VIX Chart

Category: Finance, Media

Ahead of the Tape

Category: Finance, Media

Scary data!

Category: Finance

Who will influence coverage of the 2004 campaign (Who’s got juice?)

Category: Media, Politics