Friday, April 20, 2007 11:28:36 AM
Fundamental Market sentiment will be reflected on SMH and $TRANS price actions as those are trading at the upper resistances with initial higher/high price actions.
GOOG price action is positive staying above 480 breakout. Internet is bullish in LT since we are connected through cyber-information system. EBAY price action needs to show better than it has yesterday to bring back bulls' confidence since it has shown faked breakout after triple top breakout.
Also AMD price action is a gauge as to determine underlying market sentiment. So far, selling on good news and selling on extreme bad news and selling on bad news are not a good indicator.
We need to see positive underlying positive price actions.
At the moment, breadth is positive. A/D 3.9 2.29
Market Internals
Issues NYSE Nasdaq
Advancing 2,417 1,963
Declining 620 858
Unchanged 132 148
Total 3,169 2,969
Ratio
Advancers
to Decliners 3.9 2.29
GOOG price action is positive staying above 480 breakout. Internet is bullish in LT since we are connected through cyber-information system. EBAY price action needs to show better than it has yesterday to bring back bulls' confidence since it has shown faked breakout after triple top breakout.
Also AMD price action is a gauge as to determine underlying market sentiment. So far, selling on good news and selling on extreme bad news and selling on bad news are not a good indicator.
We need to see positive underlying positive price actions.
At the moment, breadth is positive. A/D 3.9 2.29
Market Internals
Issues NYSE Nasdaq
Advancing 2,417 1,963
Declining 620 858
Unchanged 132 148
Total 3,169 2,969
Ratio
Advancers
to Decliners 3.9 2.29
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