Thursday, December 14, 2006

Strong Day For Stocks




It was just yesterday I showed a chart of the nasdaq which pointed out how strong trending moves usually develop from contracted trading ranges but I didn't think it would happen today! I figured we would chop around for a week or two and then make a move. But even with today's nice advance, the nasdaq still hasn't broken out of it's trading range yet. Today was a broad based rally with the dow making new all time highs and the S&P making multi year highs.. If you look at the above chart you will see that the nasdaq hasn't broken out yet making that the weakest index out of the three..The S&P broke out last week making that the strongest. Tomorrow morning we have the CPI report coming out which should be a market mover..

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Posted by Kevin

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