August 11, 2008

Solid day for the indices – bulls showed what they haven’t showed in a long time and that is the desire to buy the dip. Tech is leading the way as the chip sector showed incredible strength. In the short-term the techncal picture is looking solid and continues to build on its recent gains – a very bullish sign. We managed to see our Amazon (AMZN) position soar today over 10% as our initial entry price last week of $77.87/share has proved to be very profitable.

Here’s the Nasdaq and S&P charts…