This Name Stood Out Today
As
exciting as I would like to make today’s commentary, it just cannot
be done with the recent market action. I still believe what I said in
Tuesday’s report — that we need to see how the market
and growth stocks close out this week.
We saw the major indexes
flash distribution yesterday as the Nasdaq is holding its 50-day moving average thus far. Today’s low-volume rally was not the best sign. Tomorrow,
I will be watching closely to see how the market reacts to the unemployment
report that is due. Since George Bush’s re-election hopes
may depend on more new jobs, the Friday release may be as political as
it is economic.
The stronger growth stocks saw nice rebounds but again,
volume left a bit to be desired. Sina
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SINA |
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PowerRating),
Netflix
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Yahoo!
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YHOO |
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(
CHINA |
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PowerRating) was a name that stood out a
little more as volume came in above-average.
Right now, the market really needs to show some
impressive buying power with a solid rally. The Nasdaq
especially, needs to find good strength around its 50-day moving average if we
are to see this rally push to higher prices in the future.
Enjoy your weekend.