August 12, 2020

Selling in clouds and other tech leaders helped to take the NASDAQ Composite Index down three days in a row, with distribution days on Friday and then again yesterday. In this market, however, three days down means only one thing, and that is a big gap-up open this morning as the index pushed back above the 11,000 level. The about-face rally today occurred on much lighter... Read More

August 9, 2020

The NASDAQ Composite Index decisively cleared the 11,000 level on Thursday as money continues to pile into big-stock NASDAQ 100 names. Collectively, the Fantastic Five, which consists of Apple (AAPL), (AMZN), Facebook (FB), Alphabet (GOOG), and Microsoft (MSFT), accounts... Read More

August 5, 2020

The NASDAQ Composite Index led by big-stock NASDAQ 100 Index names kissed all-time high price ground just above 11,000 today. It closed today at 10998.40 after trading in a tight price range on higher volume. The NYSE-based indexes, the S&P 500 and the Dow, not shown, both made higher highs since rallying off the March lows... Read More

August 2, 2020

All four big-stock NASDAQ names, Apple (AAPL), (AMZN), Facebook (FB), and Alphabet (GOOG), that reported Thursday after the close beat estimates. That led to gap-up opens Friday morning in all but GOOG, which gapped down and headed for its 50-dma. The group chart below shows AAPL, AMZN, and FB gapping up to prior... Read More

July 29, 2020

The market has spent the past three days crawling up off the lows of late last week following a two-day sell-off. The NASDAQ Composite Index edged back up to regain its 20-dema heading into today’s Fed policy announcement and a predictably dovish Fed statement kept the rally going. The index led all other major market indexes today with a 1.35% gain. It closed just below... Read More

July 26, 2020

The NASDAQ Composite Index ran into a wall of selling on Thursday as big-stock techs, led by Apple (AAPL), were hit hard. However, we were starting to see some clues that the rally was perhaps getting a bit long in the tooth the prior week and coming into this week. The NASDAQ chart shows an index... Read More

July 22, 2020

The NASDAQ Composite Index was hit with another higher-volume reversal day yesterday but stabilized today as volume declined. So far, the trend off the March lows persists.   ... Read More

July 19, 2020

The NASDAQ Composite Index spent the last three days of the week holding in a tight range as volume steadily declined. From an index point of view this looks constructive, while the index still sits at the midpoint of Monday’s ugly, high-volume reversal and Tuesday’s recovery off the 20-day exponential moving average.   ... Read More

July 15, 2020

The NASDAQ Composite Index started the week off with what was an undeniably ugly outside reversal off the intraday peak. The next day, yesterday morning, the market looked primed to take a bath again but found its feet and rallied to close up on the day. This morning a huge gap-up open turned into a big washing-machine session as the indexes shifted to and fro all day. By... Read More

July 12, 2020

The NASDAQ Composite Express kept on rolling down the tracks this week with another new high on Friday. Volume was light on what is now the eighth up day out of the last nine. The irresistible force of QE-Infinity will not be denied, it seems, as intraday sell-offs, no matter how severe or ominous they appear at the time are simply shrugged off, no questions asked.   ... Read More