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[dejgaard]

Summary (Nov. 10th):

Nice to see some decent volume on the Nasdaq, for a change.

Commentators are busy talking about market jitters as a response to increased chances of a new Golf War...
Well, they have to say something, don't they... And it has to sound like it's making sense - all in a days work, I guess...

Disregarding news completely and just looking at the Nasdaq chart - It offers a more 'technical' explanation to the sell-off towards the end of the trading week as profit taking.

-Demonstrated here:

http://stockcharts.com/def/servlet/SC.web?c=$COMPQ,uu[h,a]daolyyay[de][pb60!c200][vc60][iUb14]&p...

Once the RSI hits the roof (graph above the chart), the market approaches overbought and correction will mostly kick in.

We're well clear of the support of the 60 day moving average. Short of dramatic news, the chart suggest the market will regain composure as the RSI approaches the 50 mark and the Nasdaq at that time will stay clear of its 60 day moving support.

Personally, I do not expect this market to reverse on this side of at least one attempt at the 200 day moving average resistance.
Conversely, I'm in the dark as to whether that resistance will hold, like it did last December/January, or whether we'll break it, this time around.

Nice to see old faces back on the board.
It was getting a bit lonely at times and I was getting worried about a growing tendency of talking to myself (not least because I bore myself to tears, trying to make sense of a market, using something that falls little short of astrology, but what else can you believe, out there? Pro forma earnings? Analysts? Forward looking projections?
Hell, if Greenspan can't read the market, I can excuse myself for not being able to, either...)

PS. I wanna be chairman of the FED, when I grow old...
I'm as clueless as Greenspan - what more qualifications could they ask for at the job interview?...
... But come to think of it - why stop there...

KD
(Already hearing himself solemnly swearing at some future congressional hearing that he, too, has NOT had sex with Monica Lewinsky - technically speaking...).