After a couple of dicey, back & forth days, the bulls are reasserting themselves. The tech-heavy Nasdaq continues to lead the way. It made its second highest close for the year today.
Things are a little less rosy for the S&P 500, although it did climb back above its 50-day moving average. I'm now off of lower-low watch and have my eyes on the downward sloping trendline which currently sits just above 1540.
The small caps are still languishing below the important 50 and 200-day moving averages.
I've been lusting after VMWare since it IPO'd. Duru pointed it out to me yesterday and I like it right here. I'll probbaly pick some up tomorrow for my IRA.
And how about Gold? You'll have to snatch my GLD from my cold, dead hands. :-)
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Lat |
| Intermediate | Up | Lat | Lat |
| Short-term | Up | Lat(+) | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
