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A local top?

Started by pkamm, 10/11/2007 09:31PM
Posted 10/11/2007 09:31PM Opening Post
A technical event worth noting for those who like to try to read the tea leaves -- The Nasdaq appears to have formed a key reveral today, and a fairly devastating one at that. The event was duplicated in the Russell 2000 smallcap index and the vix and also nearly so in the mid-caps and S&P 500... but the Dow looks positively sleepy in the midst of all this.
Posted 10/15/2007 01:47PM #1
Today's action after Friday's snap-bak rally was not encouraging. The downdraft in the Nasdaq pretty well engulfed the Friday rally, right after the Thursday selloff had done the same to Wednesday's.

This may be a technical manifestation of some dicey fundamental market issues. With the ongoing unwinding in the mortgage and real estate markets going on, at the same time oil is busting past $85 per barrell, with the dollar weak the Fed is increasingly getting painted into a very tight corner.

In other words, there are some fairly flaky things going on that didn't appear to be reflected in a market where the Dow was breaking record highs just a few days ago.