Wednesday, February 21, 2007

NASDAQ Showing Leadership



Yesterday I pointed out that the NASDAQ Composite broke out by closing above 2500. Well we saw more of that buying today.

Above is 3 day 10 minute chart of the NASDAQ (upper panel) and the DOW (lower panel).
What I found interesting today is that this morning the Dow was testing yesterday's low while the NASDAQ wasn't even close to testing yesterday's lows. What this tells me is that in the face of early morning weakness, money was moving into NASDAQ stocks. Whenever NASDAQ leads I consider that bullish. Let's see if money continues to find its way into tech stocks, it's definitely something to watch for.

Posted by Kevin

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