Online Stock Trading | Semis lead the Nasdaq intraday reversal as oil flirts with $61

Semis lead the Nasdaq intraday reversal as oil flirts with $61


Filed Under Market Commentary |

Let’s repeat yesterday’s entry…Bullish intraday reversal on the Nasdaq!

Iran is also in the hearts and minds of traders. Their blunt disregard for the UN Security Councils demands is a sign that it is their mission to produce an atomic weapon. Crude oil is feeding off this fear and will continue to do so as tensions mount over the Iran situation.

Let’s forget the Iran/Crude oil situation and let’s focus on the market. The Nasdaq and friends Dow Jones and S&P 500 were all headed for a distribution day until the end of the day. A beaten down area, Semi-Conductors saved the day. At the end, the Nasdaq rose .26% just off its intra-day highs. Volume on the NYSE ticked higher and the Nasdaq a bit lower.

AAIIBull and AAIIBear index spread has widen to a noticeable difference:

AAIIBull = 53.85%
AAIIBear = 22.31%

This is the largest spread in sometime, does it signal the top? Sure, why not…Tops are hindsight, 20/20 you could say. This could be the top but we won’t know until a few weeks down the line. Point here, bullish undertones remain we will go higher. Just keep new buys small and if they do not show immediate returns I would cut them loose.

Watch list to come this weekend…and please let me know any other items you’d like to see from this blog!

Happy Trading,
Market Speculator

marketspeculator@gmail.com

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