Crossing The Line
The Nasdaq bounced off its lows mid-session but
pulled back to its lows in the final minutes of trading. One could say that the
market has not crossed the line in the sand yet. But there are signs that
suggest that it has.
When you are trying to get a handle on the market as whole, it
is essential that you look at the technical health of individual stocks. When it
do this, the breakdown in Monday’s market looks more severe than is portrayed by
the action in the Nasdaq. Brocade
(
BRCD |
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pretty much made no meaningful attempt to comeback.
Same for Juniper
(
JNPR |
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PowerRating).
These charts and those of stocks such as Micromuse
(
NM |
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eBay
(
EBAY |
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(
ARBA |
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(
BLDP |
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PowerRating), and others
suggest that the Nasdaq has more to go on the downside until some solid support can
be found.
Until tomorrow,