Tuesday, February 20, 2007

NASDAQ Composite closes above 2500



Early in the trading session today the major indices were all down across the board but by 11:00 buyers stepped in and bid the indices to new highs.

Today the NASDAQ composite closed above 2500 which shouldn't be a surprise to anyone. For the past few weeks I've been commenting about how many of the lagging groups are catching up to the rest of the market so it was only a matter of time for the NASDAQ to break high as well. The only tech group left that is weak that hasn't broken high with the market are the semis. Should we buy the semis here looking for them to catch up to the rest of the market? I'm not..That's not how I trade. I always like to go where the strength is and playing the laggard game isn't my cup of tea.. But I'll tell you one thing, you don't want to be shorting them either.

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