Tuesday, November 13, 2007

Leaders Participation

Tick is still strong, but the trend has stalled as the NASDAQ bounced back down off its five-day moving average. I'd like to see Transports (IYT) and Semi's (SMH) keep up with Financials (XLF) if this bounce is to hold.

I hate narrow ranges. Hopefully the VWAP for the QQQQ and 5-day MAs on the other ETF proxies (all breached today) will provide support. It's going to take more than this to inspire a true short-cover rally.

12:45PM CST UPDATE: There we go -- to the letter!

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