Written by Rich B. Meier
TopEquityNews.com
This is becoming a weekly event. Top Equity News needs to put together an emergency report on the technical state of the market. The cause remains the same, a loss of confidence and a reduced appetite for risk thanks to a EU debt implosion.
The Russians playing the nuclear war card probably wasn’t too useful either. Pick your bomb, bad bonds or ones that go boom; either threat was enough to send the NASDAQ and S&P down more than 1.6%.
Today is going to be a very important day. The NASDAQ is right on its lower trend-line and its 50 day-average. If the index rallies, then the current uptrend stays intact, and all is good for now. If support gives it up and stocks continue yesterday’s slide, then the NASDAQ better catch its balance at 2550ish or 2475 comes into focus real fast.
Finally, just a reminder, our earnings’ pick at the start of the week, Dycom Industries Inc. (DY), reports its profits after the market closes on Monday. According to Bloomberg, based on option activity, the implied 1 day stock-price move for DY after eps is 10.15%.
It could be a couple of interesting back-to-back trading days.
A Meltdown of Confidence is an article from: 
