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Friday, April 20, 2007

The Long March

The Nasdaq 100 is showing definite weakness despite a powerful day in the market. Even the Russell 2000 was strong today. Volume was high on the NYSE, but just lukewarm on the NDX.

This is a one minute chart showing yesterday's close anf today's open. There was a sharp increase in price and volume in the last 5 minutes, and the price shot up in after hours trading. What the catalyst was, I don't know. It gapped up at the open, the started it's long march down, recovering a bit in the afternoon. At this point I am still bearish on the NDX.

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