Bulls are Relentless

Yesterday we mentioned that the chip makers were up against resistance levels, using INTC’s $25.50 level to illustrate the case. Bulls charged right through however and INTC closed above this long-held level of overhead supply. Likewise, the NASDAQ charged through the psychologically important 2000 level, which just happens to also represent the technically important 200-day average. They say the bulls live above the 200-day average and the bears live below. Today the bulls popped their heads above to scout out the landscape.