NDX technical outlook – market outlook

The NDX has some unfinished business as the hourly count is at a 11 count. We might want to finish that today before retreating later today and tomorrow. Citi raised Semiconducters to outperform, which is a supporting sector of the NDX – that basically confirms that a retreat is due. No change in our basic scenario, as people have the positions they want to carry into the elections and some fresh new month buying is typically done today but I guess people are more on the sideline for now as they want to see how the elections turn out. We rather see some selling til tomorrow but, as Obama wins, reactions might be mixed, since some of his taxation ideas are con equity. We shall see initially some selling which turns into buying on lower levels. If McCain wins, the market will rise initially and retreat later –that is my assumption.

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~ by behindthematrix on November 3, 2008.

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