Weak weak day

Today was a weak day, although it was also a weak effort from the bears. All the major indices are comfortably above their rising 50day sma's save for the Nasdaq (and $ndx). One could expect a bounce in the next day or two with most of the indices hovering near the 20sma's and after a small string of consecutive negative days. The Nasdaq however is threatening a full fledged breakdown which would be an ominous sign here.

Here is a chart of the Q's which tracks the Nasdaq 100 ($ndx). Not looking too strong here, although there is support below.

NASDAQ 100 Trust Shares (ETF) (Public, NASDAQ:QQQQ)


iShares Russell 2000 Index (ETF) (Public, NYSE:IWM)
The IWM has been looking much better then it's large cap tech counterpart, still holding well over the breakout area. Look for a bounce here in the next day or two.


Here are a couple of charts that are looking bullish to me.

Travelzoo Inc. (Public, NASDAQ:TZOO)
TZOO has been consolidating a move off the lower channel for a few days now. It may attempt the next leg up soon. Keep in mind that this stock has been basing for a very long time and should have enough fuel for a decent rally. PCLN's numbers after hours may help TZOO tomorrow.


Ross Stores, Inc. (Public, NASDAQ:ROST)
ROST reported earnings last week on a weak day. They have been stalling with the general markets continuing to show weakness, but they haven't given back anything either. I see this as bullish, and they should participate in any sort of bounce that comes in the next few days.


Thats it for tonight.


Good Luck,



DT