May 19, 2008
The markets started off good, but weakness heading into the afternoon had stocks finish in mixed fashion. The bears were definitely roaming the streets to see if this latest bull-run had any vulnerability. Though the NASDAQ finished in the red, it wasn’t by much, and the attempt by short sellers to push down the markets was weak at best, and further strengthens the bulls argument that the uptrend we find ourselves in at this point is legitimate and should continue. The Shareplanner Team will continue to look for opportunities to commit more funds to the long side.
The one negative news piece came from SanDisk, and that can be largely ignored as they advised shareholders of weaker forecasts. No concern here as SanDisk’s troubles come from them losing their niche in storage devices as their field has become very crowded. NASDAQ’s reaction today was much more on profit taking then on this report.
Now to the NASDAQ and S&P Charts…