Thursday, July 15, 2004

Our intraday measures for the Nasdaq are back to about the same level of oversold as they were on 7/8 before that index enjoyed a fairly stiff short-term rally (most of it in terms of a gap-up open).  It "feels" like we're a bit washed-out here, and while I would prefer another sharp leg down to set up some potential intermediate-term long positions, I'm not sure how much more downside we'll see in the short-term with readings like this.  I'm still not real comfortable on the long side, even intraday, but pushing shorts here seems riskier than usual. 10:34:36 AM