NASDAQ Technical Picture - Bear Market Bounce

38% Fibonacci retracement of the NASDAQ's last leg down was a cue for profit taking. Friday's gap up due to MSFT earnings was a perfect exit strategy because it brought us all the way back to the last breakdown point. Declining volume on this week's bounce is typical of a bear market bounce.

Friday's bearish engulfing bar implies further weakness ahead of the FED on Wednesday. The economic calendar is loaded this week starting with New Home sales tomorrow at 10:00.

Earnings this week from Internet heavyweights - YHOO, AMZN and GOOG.

Stocks over $5 posting the largest percentage loss over the last five sessions include: HGSI -43.7%, STKL -38.3%, MRCY -34.1%, COCO -27.0%, TWIN -26.8%, FCFS -26.7%, FTK -25.9%, SYNA -23.2%, THQI -22.2%, WAT -21.9%, TGIC -20.8%, MOT -19.9%, FRP -19.8%, WCG -19.5%, SUPX -18.6%, ARTC -18.6%, GRO -18.2%, AAPL -18.2%, MALL -18.0%, MTE -17.8%, BLOG -17.0%, VRTX -16.6%, VNBC -16.5%, FWLT -16.2%, NOA -16.0%, CRME -16.0%, SKF -15.8%, CMN -15.5%, PHHM -15.3%, TRAK -15.0%, RBPAA -14.8%, SRS -14.8%, GMCR -14.5%, COMV -14.3%.

Stocks over $5 posting the largest percentage gain over the last five sessions include: ABK 91.6%, MBI 67.0%, BKUNA 64.3%, GGC 49.7%, FBC 42.4%, LFG 41.8%, MHO 39.6%, IMB 39.1%, PMI 38.8%, JRJC 38.2%, NVEC 37.8%, CKEC 37.1%, RDN 37.3%, AKF 35.8%, PHM 35.0%, MTH 34.5%, ABFS 34.3%, AKT 34.0%, WRLD 33.6%, CCRT 31.9%, BPOP 31.3%, LEN 31.4%, TMA 31.2%, PTEC 31.1%, DHI 30.2%, BONT 30.2%, BJRI 29.6%, WCBO 28.6%, FNF 28.3%, SWC 27.9%, CTX 28.0%, ANR 27.7%, KBH 27.5%, ROCM 27.1%, PRM 26.3%, PPS 26.0%, YRCW 25.9%, VPRT 25.5%, SBCF 25.4%, FDG 24.9%, TOL 24.8%, RAIL 24.6%, WLT 24.6%, DFS 24.5%, BZH 24.3%, IBCP 24.3%, UA 24.1%, CNB 24.0%, FSNM 23.9%, MTG 23.9%, BKI 23.8%, CPKI 23.7%, FRME 23.4%, CNX 23.2%, KMX 23.2%.

Scans courtesy of Briefing.com
Chart courtesy of Stockcharts.com

Jamie WSW Blog