Monday, October 11, 2010

Daily Market Commentary: Hasn't Cracked

This morning's Stockcharts.com review had the talk of doom and gloom. In the end, it was honors even - which means doubters will continue to see a glass half empty while bulls can appreciate a glass half full.

The one index which definitely swung bulls way was the semiconductor index. It cracked through its 200-day MA, although in the end it was unable to hold the majority of Monday's gain.

($SOX)

via StockCharts.com

Unfortunately, action in the semiconductor index didn't offer too much for the Nasdaq or Nasdaq 100.

($COMPQ)

via StockCharts.com

The Dow continues to hug channel resistance. It's perhaps the best swing trade opportunity off the day's high/low of all the indices.

($INDU)

via StockCharts.com

In summary, not a whole lot one can take from today given the quiet action. Based on my morning article on the Zignals blog I am looking for a modest gain over the coming month, but it's probably a minority view to have based on my readings.

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