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Sunday, September 12, 2004
Good evening friends,
Market Recap
Friday was a nice finish to the week as the markets reacted positively to economic data indicating that inflation is under control for now and the economy may have moved through its “soft patch”. Data also released Friday indicated that energy prices have stabilized for the time being.
The Dow was in negative territory most of the day due to a profit warning from Alcoa. However, it managed to move into positive territory in the afternoon and closed up +23 points. The NASDAQ finished the day up +24 points and the S&P tacked on a +5 point gain. All 3 of these indexes closed near or at their highs of the day indicating that follow through on Monday morning is likely. Volume was above average again indicating that the buyers are returning and the bulls are trying to regain control of the market. The NASDAQ was helped by a nice 3.4% gain in the SOX index as it continues its bounce off of the 350 support level I showed on Tuesday's chart of the SOX. This index is still below its 50 and 200MA so it is not out of the woods just yet.
Cautiously Bullish
I am becoming more and more bullish each day. However, I will be cautiously bullish until the NASDAQ can close above its 200MA. The NASDAQ is also now only six points away from a price resistance level at 1900. As with most resistance levels, I do not expect it will close above the 1900 level on its first attempt. Hopefully there will be some consolidation in preparation for its next move higher. Keep in mind that the DOW has yet to breakthrough its upper trend line that I showed in Tuesday's bulletin. The markets still have some work to do, but things are looking better on daily basis. More and more stocks are showing up on my scans for longs indicating that many charts are repairing themselves and will be ready to buy if the markets continue higher.
OTC BB Watch List
- none
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