Thursday, October 25, 2007

Market Report

Newsletter, Members Click Here. To Subscribe - click Bull icon.Very much a repeat of yesterday with the NASDAQ and NASDAQ 100 falling prey to the increasing weakness in the semiconductor index.

Large caps [Dow and S&P] had a flat close but volume registered another distribution day - the seventh in a row for the Dow. Bulls will look to the 50-day MAs as support for both the Dow and S&P, but even here resistance defined by August-September trendlines remains prominent. The Russell 2000 is testing lower (redrawn) support and is only a few ticks from breaking such support and entering a void of support down to 736 - some 70 points away.