The Range War continue. At one point today, it looked like the Bears had taken control, but just like that the Bulls once again mounted a late day surge to keep everything in flux.
Techs were particularly strong late in the day, so don't believe the headlines that the late day move was due to a bail out plan for Ambac or some such thing. Tech stocks could care less about that. I personally feel that there is a floor or bottom being build from which to launch the next assault on the market's 50 day moving averages. Our key long term or slow momentum indicator is still solidly in the neutral range and our fast momentum indicator looks like it is bottoming and getting getting to take a move to the long side. Volume was again tepid until the last hour or so when the Techs caught fire, thats another good sign.
How long will Miss Market keep us in suspense? Will tomorrow be the day we say good-bye to the Range? Listen closely and she will tell us.
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