Bounce-daq, But For Real?
Both of the major index futures bounced off their lows, and
quite efficiently. Taking a look at the e-mini S&P five-minute chart, you
can see the clearly defined bottoming bar. It then ran up to 1398 and turned. Of
course, as I write this, I’m seeing prints at 1387.50, so we will have to see
where it ends the day.
The Nasdaq futures basically did the same thing.
Today’s Tech Watchlist:
(
INKT |
Quote |
Chart |
News |
PowerRating)
Again, I remind everyone that it’s likely that the stocks have moved a bit since
I made these charts, so please take a look at current quotes.
Inktomi
(
INKT |
Quote |
Chart |
News |
PowerRating) broke down below its daily support on strong volume intraday
on Wednesday. Of course, it has rebounded 8 points intraday, but it’s still one
to keep on the Watchlist.
Due to the intraday rebound, it is very hard to discuss stocks
based on their daily patterns. My recommendation for now is to watch the action
in the last hour. Nadsaq volume is on track to hit 2 billion, let’s just see if
we can close positive on strong volume. In a perfect world, we would take out
Tuesday’s intraday high, but that’s wishful thinking. It is nice to see many of
the big names reverse, such as CSCO.Â
Vegas is only two days away, and I’m looking forward to meeting
with you. When we chat, ask me about for my most depressing daytrading story of
the year. It’s the kind of story where you follow your system and take a small
loss, only to see exactly what you hoped would happen occur. But this story is
the saddest.Â
Until later,Â