Friday, February 14, 2014

"Trifurcated" Market

It is simply amazing to me how the NASDAQ 100 has snapped back to new highs in a "V" shaped bounce this past week. The other indexes have lagged, with the S&P 500 closing in on its old highs and the Dow Jones Industrial Average lagging the pack. Although the jury is still out, the way things are going, it looks like the NASDAQ 100 has a good chance to pull the other indexes up to new highs.

Yesterday I covered my SPY short for a nice gain at the open, but then struggled to grasp the enormity of the snap back rally. I see some decent charts, but am still not comfortable with this tape. Here are some strong charts:






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