Stock Market Summary Friday August 10th 2012

Posted by Stephen Sutherland on Fri, Aug 10, 2012 @ 09:49 AM
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Yesterday's market action was positive.

The Nasdaq Composite edged up 0.2% making back the previous days small loss. Volume came in just below average (Point A).

Even though the indexes didn't really do that much for a second day in a row, it was good to see the Nasdaq managing to stay above the 3000 price level (Point B).

Leading stocks action was positive.

It is still too early to say but the last two days of behavior may have been the start of the Nasdaq building a handle. If this turns out to be true, it would mean moving sideways for a while.

As I pointed out yesterday, the US tech index has now completed a cup formation (Point C) and may now be ready to complete the pattern with a handle (Point D). On the other hand, it may surprise everybody and keep on moving higher and if it did this latest correction would soon be over (Point E).

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Topics: Stock Market Summary