Friday, April 17th, 2009
NASDAQ now in uptrend … just
Last post I said the S&P500 isn’t in an uptrend yet.
But yesterday the NASDAQ officially made a higher higher: it closed at 1670.4 points, above the previous significant high of 1665.6 points, as you can see on the daily chart below (click on thumbnail).
Below we can see it from a longer-term perspective on a weekly chart.
What does this mean? It gives an indication of the strength of this rally and the healing being done in the market. My concern is that the NASDAQ’s uptrend isn’t being confirmed by the S&P500, though that may change. Also, as we can see in the chart below, volume has been light.
As I’ve mentioned before, a suitable strategy at this stage may be to take, if you can find them, limited stakes in aggressive-growth stocks that meet criteria including explosive or accelerating earnings and that are hitting or close to hitting new highs.
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Word Count: 150. This entry was posted on Friday, April 17th, 2009 at 2:09 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
