Markets floundered Thursday as both the Nasdaq and S&P 500 fell on increased trade. The Nasdaq lost nearly 1% today, and is looking at its first down week in four unless we get a bold move Friday. The S&P 500 is currently lower by 1% on the week, and also could be its first down week in a month. If you are a bull, you must understand that the Nasdaq can shed around 50 handles here and the uptrend could still be intact. That is where the benchmarks 50 day SMA lies. The tech heavy index was certainly weighed down by some more old school tech woes. Today ORCL and CSCO, were lower big. ORCL lost nearly 10%, but did manage to find support just above its 200 day SMA following a weak earnings report. CSCO was lower by 4%, losing its 50 day SMA in the process. It is a healthy purge of more mature leaders, to be faded from the scene, to lay the groundwork for new, innovative leaders. None really come to mind. I thought it might have been a RAX to take the mantle, but that was not to be. We need some leading stocks to step up to the plate and exhibit real leadership for this seemingly, exhausting rally to endure. The markets have been climbing the wall of worry for sometime smartly. Will it scale the mountainous wall, or are its quadriceps getting weary from the ascent?
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