Monday, February 02, 2009

Stock Market Commentary: Weak recovery

Small changes didn't alter the larger picture to any degree. The Nasdaq 100 held on to its 50-day MA but volume was light and buyers weren't exactly chomping on the bit.

The semiconductor index was a little more comfortable in holding the 50-day MA as support and is the best avenue for driving the rally in the Nasdaq and Nasdaq 100.

Large caps were a little more uncertain and are at risk of greater losses. So the question is, which of large caps or tech will lead? Tech currently leads large caps so that's good news for bulls.

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