Thursday, July 30, 2009

A Chart a Day #17: The Nasdaq Composite Weekly

Looks like a pretty convincing sell to me on this long term time frame. Note that if you use a logarithmic price scale, as I normally do, then the Nasdaq would have a little further to run before hitting the trendline that it hit on this linear chart. I did the linear chart because everyone seems to be talking about this chart and the trendline touch today only happened on this scaling. I think its a pretty low risk area to be scaling into shorts regardless, tech or otherwise.

Disclosure: I shorted TYH today, as a long term position.

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