Friday, April 20, 2007

The Markets Last Week

What an odd assortment of weekly charts we have.

The SPYs and QQQQs had a hard time gaining any traction until today (Friday) -- they basically meandered between bulls and bears with no sense of direction. However today they opened higher and basically kept in that position. The QQQQs sold off a bit, but not so much as to endanger the rally.

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The IWNs were essentially unchanged for the week, although they had a really big dip yesterday, but got rid of the loss today.

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None of these are strong bull market charts. They show the market is susceptible to random events for quick movement, but outside of those moves they are essentially evenly balanced between the bulls and bears.