Pretty much what I thought would happen (see Sunday post). Markets sold off on the news but on low volume and SMH (semis) held on to 20 dma support. NQ did a double bottom of sorts off August 1 low. CSCO delivered after the bell and we should get a real rally going soon. The nagging question is oil, but inventories are due tomorrow. Oil and gold finished down today. Seagate is offsetting the CSCO good news, but the overinght session still looks favorable. Watch NQ 20 dma at 1495.50.
This entry was posted
on Tuesday, August 08, 2006 at 1:49 PM.
