Thursday, February 23, 2006

Wrapping Up

The market trailed off towards the close, and finished near its lows of the day (on the SPX). Volume ran lighter than yesterday's session, which is what you like to see on pullback days, especially after yesterday's accumulation day.

A couple of other positives I can say about today's market is that the Nasdaq declined less than the SPX, so maybe its outperformance will continue. Also, although breadth was negative today, the Hi/Lo indexes pulled back very little. The number of net new highs on the Nazz actually expanded.

And many high growth stocks finished up, such as HANS, GOOG, AAPL, ENER, etc. With the Nasdaq holding above its 50-day and the SPX near new highs, I am maintaining a bullish bias.



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