6/26/09 ... Resilient, resilient, resilient ...

What can we say about this tape other than what our title says, Resilient, resilient, resilient ...

Why do we say this ? Well one only has to look at the internals yesterday where the NASDAQ scored an up to down volume ratio of 8.24:1 with over 4 stocks (4.22) advancing for every on that declined. Not to be out down the NYSE scored ratio's of 7.50 to 1 on up to down volume and also had over 4 stocks (4.18) advance for every on that declined. with ratio's like that it is hard to call the recent pullback anything other than that.


Tech remains the most attractive area of the market as its issues have the largest bases (ie. floors) from which to advance off of. Within tech we are seeing a shift towards the largest cap names that have been out of favor for quite some time (ie. CSCO, ORCL, DELL, QCOM, etc … etc…)

As long as internals remain like this it is hard to not honor the uptrend we are still in off the lows.

Several names with bullish set ups (ie. big bases) within the NASDAQ 100 even beyond the names mentioned above are HSIC, ISRG, QCOM URBN and SRCL.









posted by Peter Greene