Saturday October 16, 2010 - 02:34:51 GMT
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Google Earnings, Foreclosures Strengthen NASDAQ, Weaken Dow
The December E-mini NASDAQ bucked the trend of the other
major indices on Friday, rising sharply higher. The technology weighted index
was supported by strong gains in Google stock and speculators looking forward
to robust earnings news from Apple Computer, Inc. on Monday.
The financially weighted Dow and S&P 500 sold off
sharply then held in a range after GE earnings disappointed and on concerns
about the financial sectorâ€™s exposure to foreclosure losses.
For the third straight day, the December E-mini S&P 500
held inside the 1160.00 to 1182.00 range. While the uptrend isnâ€™t threatened at
this time, this type of pattern tends to indicate impending volatility.
Basically, the pattern suggests that the trader should go the way of the next
The low in the E-mini S&P 500 bounced off an uptrending
Gann angle at 1163.00 on Friday. This test stopped the intra-day break and
attracted fresh buying, allowing the market to recoup most of its earlier loss.
This important Gann angle moves up to 1167.00 on Monday and should be the key
as to whether this market has the power to drive through the weekly high at
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