Well, that was quite an exit to today’s trading day!  The Dow pulled back 150 points from the afternoon trading range  in the final thirty minutes.  Reports said that a downgrade in the banking sector is what caused the sell off.  Well, who knows, but it wouldn’t surprise me.  The banks have so many toxic assets on their balance sheets that unequivocally another wave of destruction is coming in that sector.  The “mark-to-myth” problem continues to get covered up and problem continues to grow.  But that is an issue to address another day.

Today let’s look at a broader benchmark:  The Nasdaq

The major indexes have made some interesting moves lately, but the NASDAQ is at an interesting spot as pointed out in this new video (link video here). So check out the video and see if the NASDAQ will effect your portfolio or trading.

Is the Nasdaq in Thin Air: http://www.ino.com/info/466/CD3784/&dp=0&l=0&campaignid=3

The video was recorded yesterday, and after today’s sell off late in the day the indicators which were pointed out become even more powerful.  Learn a little about candlesticks, Fibonacci levels and divergence.

Enjoy the video from Adam and Ino, as always, it is free.

Cory Mitchell, CMT