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Wednesday, September 26, 2007

Some Updates from Yesterday - Russell 2000 and Sandisk (SNDK)

Posted by Mark at 12:03 PM TweetThis
I mentioned yesterday that the Russell 2000 had fallen back to some key support levels and the next move would be important as the small caps really were not participating in the rally. Well, at least for the short term, this index has passed its test and bounced back smartly from that support level; so for now that points bullish. For this market to truly rally the gains have to be a more widespread than the narrow market we have had since about Thursday of last week.

As for Sandisk (SNDK), which I cut back to a 1.0% holding yesterday due to a breach of a support level - well it made me look silly as it gapped up no less and broke back above its 50 day moving average - no sweat! Interesting.

Long Sandisk in fund, no personal positions

Posted by Mark at 12:03 PM

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