Thursday, July 26, 2007

Stocks Get Pounded



My plan for today was to buy the NASDAQ (QQQQ) if it rallied above yesterday's high which it never did so no trade was made.

As you can see in the above chart the stock market got crushed today amid increasing uneasiness about the mortgage and corporate lending markets. Stocks did manage to bounce off their lows with the NASDAQ (NDX) closing down about 25 points

The NASDAQ came close to testing a support level which was the high from last month and the 50 day moving average.

Below is a chart of the Russell 2000 small cap index and as you can see the index closed below its 200 day moving average.

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