Exposing Ideas to the Envelope of Serendipity

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Wednesday, November 10, 2010

Who's Been Running This Rally?

The $NDX has led the charge up off the August low and is fast approaching critical resistance with long-term implications. While I first started calling attention to the potential for a major double bottom base taking shape early this year, the moment of truth (and consequence) may not be far off. Indeed, the tagging of psychological resistance at 2200 sitting just off the 2007 high was surely a big part of Tuesday's intraday reversal. A convincing move above the 2007 high would clear the way for a sustained advance -- but a battle at that level could be intense. Stay tuned.

Trade well.

-- Brinkley
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