Monday, November 19, 2007

Market review

Bulls made a better stab at it to close the week out. Options expiration clouded the volume issue, so whether it was an actual accumulation day for the indices will probably depend on what happens on Monday. Thanksgiving will suppress trading volumes - so the issue of whether there is support will probably resolve itself the following week. Tech averages were able to find some ground at the 200-day MA, although large caps finished the week below this important moving average.

On better news, small caps are finding some footing in what looked like a void of support around 760-770. It's technicals are oversold and in a good position to build some upside. Semiconductors look ready to bounce as the endless selling starts to tire - which will help the Tech averages.