Thursday, October 22, 2009

Mixed Action After Hours

BRCM is down big after hours while AMZN is up big. Overall though I think a falling semiconductor index will pull down the Nasdaq 100 at some point, so the balance still seems to be tipping toward the notion that the correction is already underway. Looking at AMZN's chart, it appears that AMZN is in wave (iii) of iii of 5, so it should hold up until the end of the month. Nevertheless, tomorrow's action should definitely tell us the direction of the near term trend.

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