Wednesday, February 11, 2009

Stock Market Commentary: Indecision reigns

There was no follow through to yesterday's selling, but there was little attempt to mount a challenge. Volume disappointed but no surprise there. The moving averages came to the Nasdaq's, Nasdaq 100 and semiconductors rescue, but there was only February lows to help as support for the large caps.

The only area of note on the day was the breakout in some of the gold miners. Kinross Gold (KGC), Rangold Resources (GOLD), and Gold Fields (GFI) all made textbook moves; Kinross gold did so with the support of a MACD trigger 'buy' above the bullish zero line.

Dr. Declan Fallon, Senior Market Technician, the free stock alerts, market alerts and stock charts website