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February 12, 2007

Review, What to Expect...
by Jay DeVincentis

2/11/2007 9:17:57 PM

The markets sold-off on Friday, just as we had been expecting, and I believe we could see further deterioration in the upcoming week.

A pair speeches by Fed officials on Friday warning inflation was still a concern (increasing the risk of a rate hike), warnings from two sub-prime lenders and spiking oil prices all conspired to help tack the markets lower. Plus the mantra that there is and endless supply of liquidity that will keep the markets from correcting is starting to wear thin. There's a clear exhaustion in the markets and they need a rest!

In the techs specifically (NASDAQ and NASDAQ 100), it was noteworthy - in a bearish way, that Cisco's healthy earnings early in the week just couldn't bouy the rest of the techs, since Cisco is one of the largest companies and very influential on the trading activity, in both tech indexes.

I'm including a 30 minute percentage change chart of the major indexes since Feb 1 (in descending order; the S&P 500, Dow and NASDAQ 100. Note how much more volatile the tech-heavy NASDAQ has been. This is why the trades I've been recommending have for the most part centered on the techs.

Also, a 30 minute chart on the QQQQ (NASDAQ 100 ETF), on which three of the major indicators and oscillators I follow are all suggesting there is more weakness to come.

As always, please email me with any questions, suggestions or comments: dynamictrading@stockbarometer.com.

Jay DeVincentis
Dynamic Trading

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