Wednesday, September 29, 2010

Daily Market Commentary: Repeat of Monday

While Large Caps and Techs (other than semis) had a quiet day it was again up to the Russell 2000 and Semiconductors to do the leg work.

The Russell 2000 added a little distance to yesterday's breakout. Less than 0.5% added but it was enough to give the breakout more respectability.

($RUT)

via StockCharts.com

Better still was the push above the 200-day MA for the Semiconductor index. Somewhat surprised it didn't bring more dividends for the Nasdaq or Nasdaq 100.

($SOX)

via StockCharts.com

It's still looking good for bulls despite the quiet day. Watch for follow through upside in the Nasdaq and Nasdaq 100 following today's gains in the semiconductor index.

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