Wednesday, March 04, 2009

Nice dead-cat bounce for NASDAQ today, but still hovering near its November low

It was in fact quite a relief to see NASDAQ bounce so smartly today, but unfortunately this "one-day wonder" only counts as a dead-cat bounce unless it "has legs" over the coming weeks. NASDAQ remains less than 40 points above its November low, which is not a very comfortable place to be. Still, it is encouraging that NASDAQ has gone this long without setting a new bear market low.

The bottom line is that NASDAQ is still in a trading range, within a larger bear market, and now has a one-day run up from the lower end of that range (the November low.)

Read my previous NASDAQ commentary which is mostly still valid.

-- Jack Krupansky

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