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Thursday, February 05, 2009

Stock Market Still Stuck In a Range


The above chart speaks for itself. I had thought the market will have a clearer direction after the Fed meeting. But it was otherwise. The S&P 500 Spyders (AMEX:SPY) shown above is confined in a triangular range. It will continue to be a directionless market until the upper/lower range is broken.

Mixed bag of earnings releases after hours:

- Cisco Systems, Inc.(NASDAQ:CSCO) is down 4.4%
- Prudential Financial, Inc. (NYSE:PRU) down 1.5%
- Akamai Technologies, Inc. (NASDAQ:AKAM) up about 7%
- Visa Inc. (NYSE:V) up 7.9%

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