NASDAQ ready, set...
The market followed through to new highs again but Friday slowed down a bit. I've found the NYSE a reliable index to use in this market. Today had all the makings of simply a quiet day with an even advance decline line.
Check out a chart of the NYSE and note the nice tight consolidation from 12/14 thru 1/28. The NASDAQ has displayed a similar consolidation pattern since 11/22 and is looking like it's ready to bust out. If the NYSE is the reliable indicator then NASDAQ should be hot very soon.
STRA issued a nice report and broke out this week, up $10 to 123.67! It has cleared all but the last 10 points of a 6 month top formation from 3 years ago. I like to avoid overhead resistance but STRA has done ok since September and that little supply zone shouldn't be much of a problem. The bigger issue is buyer's disdain to certain members of this group. However, with STRA (so far) clean and improving, maybe they'll start taking notice. With an RS of 65, maybe it's too stodgy a name for this market but sometimes these types play nice catch up.
Check out a chart of the NYSE and note the nice tight consolidation from 12/14 thru 1/28. The NASDAQ has displayed a similar consolidation pattern since 11/22 and is looking like it's ready to bust out. If the NYSE is the reliable indicator then NASDAQ should be hot very soon.
STRA issued a nice report and broke out this week, up $10 to 123.67! It has cleared all but the last 10 points of a 6 month top formation from 3 years ago. I like to avoid overhead resistance but STRA has done ok since September and that little supply zone shouldn't be much of a problem. The bigger issue is buyer's disdain to certain members of this group. However, with STRA (so far) clean and improving, maybe they'll start taking notice. With an RS of 65, maybe it's too stodgy a name for this market but sometimes these types play nice catch up.
posted by David Geller at 6:10 PM
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