Where are we now ?

SP500 did not hold its 50 day MA, DJIA is in deep trouble.  Only NASDAQ 100 still looks good, but SMH today’s drop to touch its 20 day MA means that tomorrow is very important for the market. If tech can hold its own, it may still serve the role as the beacon and anchor in this swirl storm created by the housing and greedy financial institutions.  In that regard, today’s timely rebound of XHB may bodes well for the market tomorrow.

 

In the tech land, software did well except MSFT. The three horsemen (goog, aapl and rimm) also signal a make or break time for the tech as well. Thus, a rebound is not definitely in the store.   We will just wait and see.

 

POT is break out from an ascending triangle pattern, so, hopefully, it will do well in the next few sessions.