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October 19, 2005

NASDAQ seeking a long-term bottom, Wed., Oct. 19, 2005, 10:41 AM

This morning the Nasdaq opened weak, and the Bulls have done what they can to hold it up. It is now down almost flat after a very weak opening. But a three-year chart, comparing the Nasdaq Composite Index to the relatively weaker Dow 30 index performance, with the RSI technical indicator shown on the bottom, indicates to me that the RSI trend line still has some movement on the downside before I can join the Bull side.

I have to leave now for a few hours. I hate to duck out while the Bulls are giving me their best shot. But this was an important meeting, and I promise I'll be back before the end of the day to give my best stuff back to the Bull side.

I really do not want Kudlow and guests to be pushing their smarm at the audience tonight. :-)

Posted by Posted by Bill Cara on October 19, 2005 10:37:31 AM | Category: U.S. Equities