The NDX seems to have touched resistane (see chart below).  Should it break up it could reach 2007 highs.    Technically speaking this formation looks to me like an inverse head and shoulder pattern. 

Early Thursday Morning Market Thoughts

It goes without saying, yesterday's market action was ugly.  The clearest signal of further risk aversion in my mind came with the fake breakout higher on Tuesday, the last day of May.  In hindsight it is now clear month-end games were in high gear last week, and until Tuesday of this week.  The blatant disrespect […]