by Sam Collins 04/04/08
Nasdaq Composite (NASD) -- The Nasdaq broke from a channel downtrend through the 50-day moving average and is currently challenging a prior high at 2,419 made on Feb. 1.
The advance against this high is being made in a series of bullish flags off of a "V" bottom and that favors a breakout. We should watch for the Nasdaq (NASD) to either succeed or fail at this very precise number -- 2,419 -- since it may tell us the future direction of the broader market.
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'Irrational exuberance' has hit the energy markets. Be cautious about new positions in the sector.
Tuesday could have provided a pivot point as the SPX, the NASD and the DJI gave important signals.
Now under its 50-day moving average and its stochastic indicator undervalued, ENB looks like it could jump.
All eyes should be on the VIX and VXN for the buy signal (if one is to come).
AUY could break higher, but you should limit risk with a stop-loss.
