Thursday, January 14, 2010

Stock Market Commentary: Modest Gains

Yesterday's bounce followed through without challenging prior highs. Volume was lower suggesting a level of reluctance to bid the market to new highs. Nasdaq technicals were unchanged, reflecting the general quiet action.


The Dow was somewhat unique in it chalked a new closing high, even if the gain at the end was only 0.3%


The index to watch on Friday is the semiconductor index; it finished with an inside day of an inside day. This coiling action at the 20-day MA sets up the 'tension' for a sizable move and potentially a gap move for Friday - the direction of the move is not assured but a move down has probably the edge.


If the semiconductors take another step down it will heap further pressure on the rallies of the Nasdaq and Nasdaq 100. But it hasn't happened yet.


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