Monday, November 12, 2007

The bounce begins

With so much overhead supply it is hard to see where indices can go here. The Nasdaq is perhaps looking at a move back to the 50-day MA (along with the Nasdaq 100). The Dow and S&P will perhaps loiter around their 200-day MAs, while semiconductors and small caps swirl around in confused trading - perhaps finding resistance at their 20-day MAs.