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Monday, April 16, 2007

SP 500 Follows Through

The S&P 500 followed through breaking through all resistance. Volume was decent. I still think it is getting dangerously close to overbought, but it can remain overbought for months.
The Nasdaq composite is close to the broken trendline. Volume again is decent, and again we are close to overbought.
The Nasdaq 100 is a bit more problematical. Volume is terrible. Price is lagging. I would be cautious here. We might be walking into a Bull trap, as I suspect that a lot of the price moves recently are bears throwing in the towel and covering shorts. There just hasn't been a lot of conviction in buying during this entire rally.

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