Tuesday, June 10, 2008

NASDAQ makes it a clean sweep

Although the S&P 500 and Dow 30 have been in a medium-term declining pattern for a while now, The Nasdaq Composite Index was still in an ascending channel formation as recently as Friday.Today it looks like the Nasdaq has officially broken out to the downside.

Now, I prefer sticking to the S&P 500 in my forecasts and in my investments, and I don't normally worry about what smaller groups of stocks like the Dow and Nasdaq are doing, but it doesn't hurt to have unanimity among the most followed indexes.

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