Saturday, July 28, 2007


The Dow is currently close to support at the 13200-13250 level. I this level is breached, we could potentially fall down to the 12600-12700 level or the 200 day moving average at 12748 which is likely to move lower in the days ahead.

The S&P appears to have breached support at the 1460 level and the next stop is likely to be the 200 day moving average at 1448 and support at 1440. Another zone of support lies around 1410.

Support for the Nasdaq appears to be in the 2525 range . The Nasdaq is the strongest of the 3 indices which is fairly surprising. The move appears to be from basic materials, oil and financials into tech. Growth stocks are doing better than value. Just look at the relative strength in names like AAPL AMZN GOOG CROX GRMN SPWR CMG the past few days.

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