Tech Bottom?

Very tempting to call it today, at least a near-term one. I see key reversals in QQQQ and also big-name techs like Microsoft, Intel, and National Semiconductor. Also Templeton Emerging Markets (EMF), the clean energy ETF (PBW) and the small-cap value index fund IWN. Probably lots more I haven't seen. All of these opened below the previous close and rallied past the previous day's highs, completely enveloping the previous day's descending range, on very good volume across the exchanges. A rare formation but one of the most reliable when it does happen. This could also make for a quick double-bottom formation in the NYSE. Very interesting.

Bottom formation failed -- due to extraordinary circumstances. If not for the grave situation with the auto makers last Thursday might have been a bottom. The proceedings on capitol hill aren't looking promising for the Big 3. A share of Ford's stock now costs less than a gallon of gas.