NASDAQ Technical Picture - Solid Extension

By: Wall Street Warrior Wednesday, August 08, 2007 1:27 AM

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It's hard to tell from the chart but today's volume was above average and higher than yesterday so this extension looks like an accumulation day. Haven't had one of those in a while. We achieved new recovery highs in the last hour of trade, but a late day dip trimmed the gains. We're coming into some resistance so it'll be interesting to see if we can follow through for a third straight up session tomorrow. I'm not holding my breath.

FED policy makers left rates unchanged at 5.25% for a ninth straight time. Even though the market was unrealistically optimistic about the Fed coming to Wall Street's credit crunch rescue, the academics only acknowledged the tightening credit conditions.

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Research Related Stocks: ALJ, ANH, ATO, BOBE, BRNC, COGO, COO, CREE, CRZ, CSCO, DEEP, DRRX, ECL, EGLE, EPEX, ESE, FLR, FST, GB, GM, GOLF, GSS, GTRC, HANS, HCC, HLYS, HSTX, HTBK, JBX, KAMN, KND, KNOL, LEAP, LXU, MBLX, MDR, MDRX, MSSR, MTMD, MVSN, NEXC, NGAS, NSIT, ONXX, OPMR, PACR, PCLN, PCR, PNCL, QMAR, RAH, RDN, SCI, SGTL, SMTX, SOMX, SONS, TRID, TRLG, UNTD, UTI, ZIXI,

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