One of the driving forces behind the current market action (other than the depreciating banks) has been the relative strength of technology. Yesterday I mentioned the relative strength in the NDX versus the DOW and S&P 500. After today’s gain, the NDX is one index trading above its 30 day moving average. Disappointing earnings from CSCO looked to have set the NASDAQ up for a rough session, but technology remains resilient. AAPL is joining RIMM and GOOG in their ascent – even YHOO is moving higher.
Tomorrow’s jos report will be terrible – everyone knows it. But just how bad will it be? And will the market react postively or negatively regardless of the number? That, no one knows. Stay long strength and short weakness.
