Friday, September 17, 2010

State of the Stock Market - 9/17/10

I am going away for the weekend so no commentary today, but all you have to do is read every post for this week - they all basically say the same thing.  The Nasdaq 100 was up for the eighth straight day today and the Nasdaq itself broke slightly above lateral resistance.   Both are extremely overbought.   The S&P meanwhile tried to move above resistance but finished weak.  

We're in an interesting position here and we won't know until next week where we go from here.  We're either looking at a run like Feb-Mar 2010, or another pullback at the top of this range.   I remain in cash at this point but am willing to buy if we rest.   If I sound like a broken record, that's because basically I am.  Good luck next week and enjoy the weekend.

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