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In a stunning late day rally the major indices have rocketed into positive territory. Perhaps the first sentence should read, the major indices have blindly drifted into positive territory, but I'm trying to find something exciting about today. A 0.06% gain in the Dow and S&P just isn't doing it.

Nasdaq-100 Daily Chart

A 0.83% gain isn't much better, but it could be a small victory for the Nasdaq-100 (AMEX:QQQ). First it would be positive close. Second, closing above 39.40 would put the triple Qs back above a series of previous lows, and above the old downtrend. Of course we can just draw a new downtrend off the August 2nd high, but bulls will take what they can get today.

Microsoft Daily Chart

Finding something that's moving today isn't easy, but Microsoft (MSFT) is as close as we are going to get. The stock was stalled this morning when it was reported that Microsoft was delaying the deployment of its Xbox game console in Japan, but has since shaken that off and moved higher by $1.14. That puts Microsoft above the 200-day moving average and 50% retracement. Perhaps tomorrow an assault on $64.58 can be made.

Jeffrey Canavan
Assistant Analyst
www.premierinvestor.net

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