Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.
Some mondo interesting stuff happened this session (note: this is not "the" rant for the day - that will be later, but not much later since I've decided that the Anchovies of Destiny and the Cable of Liberty will have to wait).
Before I go and ablute myself, I htought I would post a thought (thoughts tend to wash themselves out of my brain when I shampoo, so ideas that I have before I shower are best committed to print immediately).
The Nasdaq Comp has given back everything except a few points, from the rally that got a second wind just after the US failed the National IQ Test and re-elected Bubble-ya; likewise the S&P and the Dow. the SOX and the NDX are below their National IQ Test levels - the SOX is closer to its August low than it is t its December high,
The real hurtingness is yet to come, but as the planks fall - measured in 5s & 10s in the S&P ("nickels and dimes") and 25s ("quarters") in the Dow - keep in mind the Nasdaq Comp.
The Nasdaq100 (NDX) broke 1500 today, and the Dow broke 10375 (another "quarter" down). But... the Comp held 2000 and did so pretty easily, closing at 2008.70 (basically the low of the day... the print low was 2008.68). That's no guarantee that Comp 2000 will continue to hold, but to me it looks like a line in the sand.
The Comp's behaviour at 2000 - if tested tomorrow - will be interesting to watch; if 2000 breaks with no obvious counter-measures being taken, then da Boyz are ignoring it. If they're ignoring tech, the market is in a world of trouble.
Time to hit the showers... more in about an hour.
