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June 1, 2009 / Jeb

Nasdaq Breakout

qqq 6-1Since the March low the Nasdaq rally has lacked volume and appeared to make a rising wedge.  After a breakout to the downside on low volume the Nasdaq appeared to make a rectangle sideways pattern.  This battle between buyers and sellers was resolved today to the upside.  Today the Nasdaq broke out of resistance so buyers are in control where bad news is shrugged off and any good economic news sends stocks soaring.  At the moment we need to stay long and continue looking for the best trading opportunities.

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