Volume was lighter than normal, nevertheless QQQQ went down and tested June lows, but with a bullish divergence. Furthermore, it closed back above October lows (37.33). That will be the number to watch going forward.
As for oil, it closed a second day below the key 74.20 level (see my post on Sunday). Unleaded gas took a beating, let's hope they pass that along to the pump soon. Inventories on Wednesday will be closely watched to see if last week was just a July 4th holiday stocking surplus number.
On the radar: NVDA which hit 50% 2004/2006 and is a tentave accumulate going forward if it holds that level (18.32). Vista will require heavy graphics and RAM, all of which will eventually benefit stocks like NVDA, ATYT and MU. Just keep in mind that the markets are in a "glass is half-empty" mentality and one should exercise patience and show restraint.
This entry was posted
on Monday, July 10, 2006 at 1:58 PM.
