Tuesday, June 24, 2008

There goes the Nasdaq

The Nasdaq and the NDX have now followed the rest of the market into a down trend on the point and figure charts.

The Transports, Russell and Midcaps as of today all completed 1-2-3 reversals.

I'm still half heartedly expecting a bounce soon as this 22 week cycle bottoms sometime in the coming week or weeks. However events are coming into play that may not be pretty for the markets. I'll elaborate in tonights update.