Monday, March 12, 2007

Weekend review from Fallondpicks.com

Newsletter, Members Click Here. To Subscribe - click Bull icon.Further indecision as markets closed on a series of dojis/spinning tops. The NASDAQ and NASDAQ 100 closed the week on bearish engulfing patterns; the NASDAQ 100 doing so on higher volume. There was very little conviction from bulls to push their early advantage. The only significant change came with the relative performance of small caps [Russell 2000] over the tech averages {Large caps > Small caps > Tech indices}, an improving picture for bulls, but with the volume to support it, it will probably not amount to much. The 20-day MAs of some of the markets have dropped below the 50-day MAs and are likely upside tests for the bulls.

Tech market internals [$NASI, $NAA50 and $BPCOMPQ] were little changed and sit in neutral territory.

For the Ticker Sense Blogger Sentiment Poll I have switched bearish as I look to the recent rally to falter.


 
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