THE DOT - if this turns orange or red be alert

Friday, April 9, 2010

NDX update - the endgame

We are literally in the endgame of this forced move up leg or as some are calling it these days the melt up. About 2 higher days left for a final mini spike up with a price potential to 2000 . An immediate drope of 200 points will follow to test the channel support but the chances for breaking it are high. I rather expect a test of the 1650-1700 area before a severe countermove should start. The market is exhausting itself by all means right now and a correction of some degree is imminent and the earnings season will likely deliver some disappointments but Goldman is rather not one of them but the Tech sector is heavily export biased and the strong Dollar should have taken away some margin.

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