Nice bullish day with QQQQ marching above old November gap close and setting up a test of 10 day ema at 39.50 soon. We will take it from there, but it is very encouraging to see advance decline lines match the bullish numbers. VXN (Nasdaq Volatility index) did a massive reversal as fear unwinds and closed below the 10 day ema (see chart). Now bulls would like to see the influential SOX join the party. Expect some consolidation ahead of the holiday weekend.
This entry was posted
on Thursday, May 25, 2006 at 4:46 PM.
