Thursday, February 14, 2008

Qs back off resistance

The Qs resistance level of 44.80 proved to be unbreakable today and a likely scenario is a quick retreat back to the 43.10 level. Failing support at that level, I believe a retest of 42 is imminent. The markets moved today in lockstep, with only 2 (very marginal) winners in the Dow. Both the NYAD and the TICK were decidedly negative most of the day with the TICK closing at -650 and the NYAD at .28. With the long weekend approaching, I'm doubtful of any rally until next week.

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