Nasdaq went on a mad rally today, opening at Wall Street firmly outside the value area in a clear open-drive manner never to look back.
This was mostly thanks to VimpelCom reporting earnings of over 28%.
How high can it go?
With yen and s&p500 opening within range and were generally listless carrying out an open auction, the earnings are clearly the drive for the rally. Will this euphoria hold throughout the day?
I'm expecting to see a bit of profit taking in about a couple of hours time and maybe then we might get some action in s&p or yen which could put a stop to a further rise.
With Nasdaq's Weekly R3 at 4436 on spot market, is it preposterous to expect this today? I know this as a fact - 4430 is within average daily range for today.
http://www.angelocapital.co.uk
