Monday, October 11, 2010

Daily Market Commentary: Hasn't Cracked

This morning's review had the talk of doom and gloom. In the end, it was honors even - which means doubters will continue to see a glass half empty while bulls can appreciate a glass half full.

The one index which definitely swung bulls way was the semiconductor index. It cracked through its 200-day MA, although in the end it was unable to hold the majority of Monday's gain.



Unfortunately, action in the semiconductor index didn't offer too much for the Nasdaq or Nasdaq 100.



The Dow continues to hug channel resistance. It's perhaps the best swing trade opportunity off the day's high/low of all the indices.



In summary, not a whole lot one can take from today given the quiet action. Based on my morning article on the Zignals blog I am looking for a modest gain over the coming month, but it's probably a minority view to have based on my readings.

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